Back in early February when Google launched their web-client for the Android Market, they also announced that they were working on an in-app payment system scheduled to debut before the end of Q1. A second in-app payment system was announced by Jambool (acquired by Google last year) in a message a few days ago, stating that their web-based in-app payment platform called 'Social Gold' will soon be replaced by a new product from Google.
Jambool's original Social Gold service is scheduled to shut down its payment processing on May 31st, and expects to end the developers' services sometime in September.
Apparently, the upcoming system from Google and Jambool will combine Jambool's API with Google Checkout and Google accounts. The platform is currently in its beta-phase, and is expected to be released sometime in May of this year.
The system being worked on will, according to the message from Jambool, "enable developers to accept payments within an app," but will not have all the same features of Social Gold available at the time of launch.
TechCrunch has pointed out that the upcoming Google I/O event is scheduled for May 10th, which presents a very good opportunity for Google to announced their upcoming service to a receptive audience.
Google stressed that in-app payments will still be coming in Q1, and that this newly announced system is based around the web, and not around the Android Market.