RSSSteve Case Looks to Revolutionize Money
By Ed Oswald | Published September 26, 2007, 11:42 AM
After attempting to shake up the healthcare industry, AOL co-founder Steve Case is now looking to do the same to online payments.
The new venture is called Revolution Money and allows users to transfer money at no charge, as well offers a credit card for business that has lower fees for the money they get charged to accept it.
Businesses are only required to pay 0.5 percent of the total sale made on the RevolutionCard to the company, rather than the industry average of 1.9 percent. In addition, consumers gain the added security of a PIN number on their cards.
If the customer desires, the card could even include no name or account number on it, making transactions anonymous and the card useless to thieves who would need the PIN number in order to use it.
"Traditional, and even online, incumbents have been charging what adds up to billions of dollars of fees every year that ultimately comes out of consumers' pockets," Case said in a statement earlier this week.
The concept is enough to get Wall Street excited: Revolution Money has already raised $50 million in venture capital funding from companies that included Citibank and Morgan Stanley.
Not surprisingly, its first partner is AOL, who will allow payments through the AIM service. Details on its RevolutionCard platform were not immediately available.
The online payment system could be seen as a threat to PayPal and Google Checkout, while its credit card concept could significantly shake up the long-entrenched personal credit industry, which has three large players -- American Express, MasterCard and Visa -- and a host of others with limited reach.
More on the card can be found at the Revolution Money website.
COOL
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So you folks at BN don't even bother to look at the articles after you post them?
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We're all bold here.
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Really? Hadn't noticed... :/
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the smaller interest charge will be more than enough for me personally and thousands of other small buisness owners to switch, you dont think that a small percentage of money makes a difference, but its huge when your doing tens of thousands in sales a month. I look forward to anything that helps small buisness and tells the big banks to f off, they steel enough from the average american and small buisness owner. Small buisness is what this country was built on, but government policies new and old, and the giant corporation (usually tight with the gov anyway) have been killing that part of america slowly.
For example-I cant remember that last time Ive found a good small deli, now its all these damn chains like quiznos and subway that always jew u on the meat...man this rant is making me hungry, time to make a sandwich.
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HAHAHA...Steve Case....I didn't know this guy was still around.
For some reason, I feel as though I should have typed this in all caps....
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IIIIIIFFFFFFFFFFF this project does NOT undergo significant technical glitches or security incidents, it has the potential to be Über-Mega... 'especially' if it supports gambling markets, both national & international! This latter is especially important-- as Case will be going after all types of established gorillas with deep enough pockets to outlast / kaput him-- UNLESS he offers something all others do not... something more than half the US population is looking for / very willing to utilize.
In the latter scenario, hopefully Case has enough of a big name that Bush & co. would not dare to touch him-- as they've arbitrarily confiscated assets of duly licensed and legal money exchange entities(trading on the EU, UK, etc. bourses, as well as summarily arrested their executives... all this w/o nary a peep from Blair / EU, et al.
Besides that, Spitzer in NY single-handedly(while DA) forced ALL the world's largest banks(Citibank for one) to bow out of cc transactions with ANY/ALL gambling entities-- legal OTB's/casinos/racetracks/etc., just because they could not prove 100% of those transactions did NOT go offshore(when being audited)!
Paypal has willingly left that market while WU et al have been hounded into being government collaborators and/or allowing only piddly small transaction sizes... and i doubt Google has the ballz(nor the realization of the vast & immediate potential) to touch wagering.
I wish Case all the best-- i heartily support this endeavor... he should enlist Mark Cuban and the Aptiva card(and whoever else is willing) as allies.
I am totally ready for a change in government to sensible leaders: w/ a rollback of the Constitutional shambles Bush & the Über-Right have left us with.
(.)
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i don't know which is more funny the headline or the fact that the entire article is in bold. i definitely know that it's ironic since the only thing case has given the world is access to a bunch of idiots who can't type in a readable manner.
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So he's the one responsible for the Eternal September?
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Oh goodie! I can't wait for yet more CD's to arrive every day in the mail. I miss those AOL drink coasters.
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I make my own now. :p
Damn 6yr-old burner....
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[/b]!!!!
Holy crap, guys.
BetaNews Staff forgets to close the HREF tag, and now Ed misses the closing BOLD tag.
It's contagious!!! Run!
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Your link to the RevMoney site is broken. It should be http://www.revolutionmoney.com (currently links back to yourself).
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