Google introduces online payment system

Google CEO Eric Schmidt says the company has launched a new online payment system that lets publishers set their own prices and terms for digital content.

Schmidt said in Berlin Wednesday that the company launched its service, Google One Pass, in Germany, but it was available to publishers in Canada, France, Italy, the United Kingdom and the United States.

He says the product will help publishers maintain direct relationships with customers and allow them to decide if they want to charge for content or give it away.

Schmidt says the service works with existing publications and is aimed at "getting money to people who are producing high quality content."

Schmidt also announced Google was funding a Berlin-based institute to examine the evolution of the Web and society.