GBuy to Google Checkout
From the quick look I took of it it seems to be an online credit card storage payment system. The first thing that happens when you sign in to an account is a big page asking for your credit card info. This then adds it to your Google account information. There are a few stores listed that you can buy from, but it does not seem to be a general tool for any kind of globally accepted payments, just stores with Google Checkout.
More to come as it develops.