Much has been said about eBay as a form of commercial exchange among people selling goods and looking for stuff to buy online. When eBay bought PayPal, it seemed like a match made in heaven for the biggest auction site and the most widely-used electronic means of sending money to anyone in the world with email (the supported countries, at least).

It was also said that Google would make a killing in this area if they challenged the dominance of eBay and PayPal. After all, what’s the world’s top search engine to lose if it entered in this market?

So came Google Base, the Google-powered database that was touted to rival eBay. The difference with Google Base is that it’s not purely for sales and auction listings, but also for keeping just about anything in a neat, online repository with user-defined classifications or tags, instead of set categories for items.

People were able to use Google base for all kinds of listings, from items being sold, to recipes, to aparments for rent–virutally any possible information that can be stored and shared.

Still, what was missing was an e-commerce system by which users could pay for purchases online. To date, it’s been almost a year since the concept or rumour of “Google Pay” or “Goole Wallet” (variations of the rumoured name) has been introduced. However, to date, the question is still “when?”

Google Wallet would probably be a cooler Web application than PayPal, once for the mere fact that it’s from Google, and secondly, because PayPal being in the lead has not done so much in terms of innovation lately.

So Google, we’re waiting!