PayPal is expected to introduce today a new e-payment tool, PayPal Direct Payment, which can be hosted directly on e-commerce sites; buyers (who wouldn't need to have a PayPal account) will be able to make purchases directly, without going through the PayPal site, Internet News reports. Merchants would control the process and need not brand the checkout process as a PayPal service.The service is one of three being announced. News leaked over the weekend regarding a Google e-payment system may well have stolen some thunder away from today's announcement.

The new products are being unveiled as eBay, PayPal's parent company, is looking for ways to keep its revenue stream strong, writes CNET. In January, after it forecast slowing revenue growth, its stock declined 19 percent.

The intended market for the Direct Payment service is midsize businesses with up to $10 million in revenue, according to the Internet News report. Website Payments Pro, the second service being introduced today, will feature express checkout: "Three clicks and you're out," according to a PayPal spokeswoman. The third part of today's announcement is Virtual Terminal, designed for merchants who accept payments from customers not placing orders online; it supports sales made by phone, fax and mail.