Go to Revolutionmoneyexchange.com. It looks like they are going to take on Paypal. It is free to receive and send money. They are in beta, so sign up to be notified when they go live.
I heard about them from a story in the money section of usatoday.com. The story is about thier credit card that doesn't have an account number or name on it. link
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lvnv said:Go to Revolutionmoneyexchange.com. It looks like they are going to take on Paypal. It is free to receive and send money. They are in beta, so sign up to be notified when they go live.
I predict failure simply because the name is too long.
zoym
Senior Member
posted: Sep. 24, 2007 @ 8:33a
too long name... revolutionary name?
Revolutionmoneyexchange.com
SlimTim
Senior Member - 1K
posted: Sep. 24, 2007 @ 8:46a
bozo007 said:And how do they make money?
Volume!
Sorry, I can't ever let that one slide.
kamalktk
Ancient Member
posted: Sep. 24, 2007 @ 8:56a
bozo007 said:And how do they make money? Making money is old fashioned. I'm sure the business plan is "be bought out", that's the web 2.0 biz plan.
slc39
Senior Member
posted: Sep. 24, 2007 @ 9:22a
I'm guessing you won't be able to send money from credit cards, only bank accounts.
They had an article on Revolution money in USA Today (article here). It's a separate credit card network (like Visa and Mastercard are card networks), but the fees are a lot lower -> 0.5% versus VS/MC's 2.3%. They've got around 100000 merchants signed up, so it's still in it's baby stages, but they've gotten big names like Barnes and Noble, so who knows.
In terms of how they make money --> lower overhead costs to send money to/from bank accounts versus credit cards, interest on the "float" if you leave money in the account, and like kamalktk says, get big enough to be bought out.
Trinidon2k
Senior Member - 1K
posted: Sep. 24, 2007 @ 9:39a
asdf9876 said:
I predict failure simply because the name is too long.
LOL...I was thinking the same thing I can't trust anything with that long of a name...like freecreditreport.com
VagrTiger
Senior Member
posted: Sep. 24, 2007 @ 11:15a
I think Revolution Money/Revolution Card deserve a thread. As a new payment network they will have to promote their product heavily by throwing all kinds of freebies. Don't we all love freebies?
biglittle
Senior Member - 3K
posted: Sep. 24, 2007 @ 11:25a
VagrTiger said:I think Revolution Money/Revolution Card deserve a thread. As a new payment network they will have to promote their product heavily by throwing all kinds of freebies. Don't we all love freebies?
As long as it's beef jerky.
SantaLink
Senior Member
posted: Sep. 24, 2007 @ 11:48a
asdf9876 said:lvnv said:Go to Revolutionmoneyexchange.com. It looks like they are going to take on Paypal. It is free to receive and send money. They are in beta, so sign up to be notified when they go live.
I predict failure simply because the name is too long.
I agree
Reading the domain name already made me feel dizzy.
Commodities
Happy Member
posted: Sep. 25, 2007 @ 3:14p
Here is an article on this from todays' WSJ.
AOL co-founder Steve Case's investment company launched an Internet-based payment system which would slash merchants' costs for accepting credit cards by some 75%.
Revolution LLC unveiled Revolution Money, the first two products of which will be an online money-transfer service and a credit card with "significantly lower interchange fees" for companies that accept it, Revolution said.
Revolution Money, which is formerly GratisCard Inc., will be chaired by Ted Leonsis, who was chairman of GratisCard and, like Mr. Case, a former AOL executive. Revolution was an investor in GratisCard and is Revolution Money's controlling investor. Other principals include former Treasury Secretary Larry Summers, former Charles Schwab Corp. Chief Executive David Pottruck and former MasterCard International President and CEO Russell Hogg. The effort is backed by Citigroup Inc., Morgan Stanley and Deutsche Bank AG.
RevolutionCard takes aim at two of the biggest issues affecting the credit-card industry: security and the fees that merchants pay for card acceptance and processing. It is one of the newest entrants in a fledgling industry that seeks to shake up traditional card networks like Visa USA Inc. and MasterCard Inc. and the financial institutions that issue millions of pieces of plastic each year.
Revolution said that while merchants now pay average of 1.9% per transaction, its "sophisticated new payment system, based on secure Internet technology, slashes these fees to 0.5%."
"Today, merchants, and ultimately consumers, pay an enormous sum just to have the convenience of using a credit card," said Jason Hogg, founder and CEO of Revolution Money and son of Russell Hogg. "Revolution Money's proprietary operating system uses the Internet to circumvent the traditional interchange system, providing a drastically reduced fee structure that could create billions of dollars of merchant and consumer savings -- essentially flipping the industry on its head."
Revolution Money is also offering the first anonymous credit card with PIN-based encrypted technology. There is no name or account number on the card, "drastically reducing the risk of identity theft, fraudulent charges and other consequences of cards being lost or stolen," the firm said.
Meanwhile, Revolution MoneyExchange is billed as "the first online payments platform for social and instant messaging networks, allowing consumers to safely transfer funds via the Internet to anyone, even merchants, for free." The program was launched in invitation-only beta form Tuesday and is intended to be available to everyone by year's end.
retire35
Senior Member
posted: Sep. 25, 2007 @ 3:34p
kamalktk said:bozo007 said:And how do they make money? Making money is old fashioned. I'm sure the business plan is "be bought out", that's the web 2.0 biz plan.
The owner of the domain rme.com might have just hit the jackpot.
czarandy
Senior Member
posted: Sep. 25, 2007 @ 5:01p
I don't see how this benefits consumers at all, so why would it ever catch on?
Trinidon2k
Senior Member - 1K
posted: Sep. 25, 2007 @ 5:06p
maybe the retialers would pass the savings on to the consumer...like 2.5% off you next purchase when you use RME
seems stupid.. "The effort is backed by Citigroup Inc., Morgan Stanley and Deutsche Bank AG." Doesn't Citigroup etc. make money from Visa/Mastercard/AMEX transactions? Why would they back this?
retire35
Senior Member
posted: Sep. 25, 2007 @ 5:12p
Commodities said:
Revolution Money, which is formerly GratisCard Inc., will be chaired by Ted Leonsis, who was chairman of GratisCard and, like Mr. Case, a former AOL executive. Revolution was an investor in GratisCard and is Revolution Money's controlling investor. Other principals include former Treasury Secretary Larry Summers, former Charles Schwab Corp. Chief Executive David Pottruck and former MasterCard International President and CEO Russell Hogg. The effort is backed by Citigroup Inc., Morgan Stanley and Deutsche Bank AG.
Boss Hogg, the ex-Harvard Prez and a dotcom bustee. Strange bedfellows.
So I give up my monthly float on my credit card charges, points/miles, and potential for an accidental overdraft on my checking account for the "security" of a PIN number (that I'll likely be spammed by scammers to learn like my Paypal account) and the warm happy feeling I've cut the seller's fees by 75%? I'm honestly confused by what's the hook here unless they're going to offer like 8% Cash Back on gas and 3% on everything else.
Trinidon2k
Senior Member - 1K
posted: Sep. 25, 2007 @ 6:22p
i'll probably only use it if they give a discount like google checkout...I used that $10 discount like 20 times
mattun
Senior Member
posted: Sep. 26, 2007 @ 8:00p
I reread the article and I still don't get it. How do you use it online if there's no account number? Do you need to attach a reader to your computer or do you go to their website and link your account to your email/the merchant (which sounds like a whole different can of worms)? Besides that mystery, how exactly is this different than a ATM card with a secure credit line?
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