More details about Revolution Money were revealed at the Web 2.0 Summit in San Francisco. Revolution Money’s online money exchange program will go live in November. Their first distribution platform will be AOL’s instant messenger (AIM). The messaging client will contain a link to the new service. Steve Case, who formed Revolution LLC, is a co-founder and former chairman and CEO of AOL.
Revolution Money will also offer RevolutionCard, a credit card with a 0.5% interchange fee. (1.9% is typical.) The card was designed with security in mind; it does not contain personally identifying information such as names or account numbers. Instead, it uses a PIN, much like a debit card.
Ted Leonsis, the chairman of Revolution LLC, hopes that his service will offer a better payment option for small purchases, such as buying songs online. He also wants to place links to Revolution Money on social networking sites. Says Leonsis, “We want to become for social networks what PayPal is for EBay.”
He describes Revolution Money’s services as “PayPal meets MasterCard without the high fees.”
Revolution Money will also offer RevolutionCard, a credit card with a 0.5% interchange fee. (1.9% is typical.) The card was designed with security in mind; it does not contain personally identifying information such as names or account numbers. Instead, it uses a PIN, much like a debit card.
Ted Leonsis, the chairman of Revolution LLC, hopes that his service will offer a better payment option for small purchases, such as buying songs online. He also wants to place links to Revolution Money on social networking sites. Says Leonsis, “We want to become for social networks what PayPal is for EBay.”
He describes Revolution Money’s services as “PayPal meets MasterCard without the high fees.”
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