Google's Groupon Competitor

Google Executive Chairman Eric Schmidt has announced that the search giant will launch its Groupon competitor on Wednesday, starting with Portland.

The news that Google is getting into the daily deals space is not a surprise. Google attempted and failed to acquire Groupon for $6 billionlast year. A few months later, Mashable exclusively learned thatGoogle was developing a Groupon competitor called Google Offers.

At the D9 Conference in Palos Verdes, California, Schmidt and Stephanie Tilenius, Google’s VP of commerce, demonstrated the company’s new product. It’s just like Groupon in that it provides users a daily deal from “thousands of merchant partners.” Google showed off a deal for $10 worth of Floyd’s coffee for $3 on stage.

The big selling point for Google Offers is that it will integrate seamlessly with Google Wallet, the company’s NFC-based payment system launching this summer. Instead of printing out a coupon or barcode, completed offers are saved to a user’s Google Wallet, where they are automatically saved and redeemable. Eventually they will be utilized automatically through NFC.

Google Offers will be available tomorrow in Portland and eventually roll out to New York, San Francisco and other cities during the summer.