Visa, Mastercard and American Express have something in common (other than the obvious, of course): Steve Case is calling them out.
The former AOL CEO has taken aim at traditional card companies. His weapon of choice? A little something called the Revolution Card, courtesy of recently launched Revolution Money, Inc.
This new company’s board of directors reads like a Who’s Who of former CEOs: David Pottruck from Charles Schwab; David Golden from JP Morgan; Franklin Raines from Fannie Mae; and Russell Hogg from MasterCard International. Once these great minds got together, they came up with a payment service aimed at “flipping the industry on its head”.
This new service promises to ease the financial burden of online merchants by throwing a financial one-two punch: a high-tech credit card with merchant fees 75% below the norm, and a free Internet-based payment network to rival the untouchable Paypal.
In addition, the PIN-based Revolution Card was designed with identity theft in mind. It carries no name or account number, and customers can add an additional layer of security by assigning temporary PINs when dealing with unfamiliar merchants.
Revolution Money dreams big, but will it really change the way we do business online? That remains to be seen. Either way, cardholders should take heart: this coup is big enough to make the other card companies sit up and take notice. And when those companies start scrambling to stay competitive, you'll know you've got the upper hand.
The former AOL CEO has taken aim at traditional card companies. His weapon of choice? A little something called the Revolution Card, courtesy of recently launched Revolution Money, Inc.
This new company’s board of directors reads like a Who’s Who of former CEOs: David Pottruck from Charles Schwab; David Golden from JP Morgan; Franklin Raines from Fannie Mae; and Russell Hogg from MasterCard International. Once these great minds got together, they came up with a payment service aimed at “flipping the industry on its head”.
This new service promises to ease the financial burden of online merchants by throwing a financial one-two punch: a high-tech credit card with merchant fees 75% below the norm, and a free Internet-based payment network to rival the untouchable Paypal.
In addition, the PIN-based Revolution Card was designed with identity theft in mind. It carries no name or account number, and customers can add an additional layer of security by assigning temporary PINs when dealing with unfamiliar merchants.
Revolution Money dreams big, but will it really change the way we do business online? That remains to be seen. Either way, cardholders should take heart: this coup is big enough to make the other card companies sit up and take notice. And when those companies start scrambling to stay competitive, you'll know you've got the upper hand.
No comments:
Post a Comment