Revolutionmoneyexchange.com; new competitor to Paypal

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

And how do they make money?

too long name... revolutionary name?

Revolutionmoneyexchange.com

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.

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 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.

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.

I don't see how this benefits consumers at all, so why would it ever catch on?

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.

Text
No, not Larry Sanders

i'll probably only use it if they give a discount like google checkout...I used that $10 discount like 20 times

wow that is a horrible name, sounds like a pyramid scam's web address

Quite honestly, I don't see this as benifiting consumers at all.

Do you really think that Macy's or The Gap is going to reduce their prices by 1-2%?

Instead what will happen is you will have a credit card with very little protection since they make minimal amounts of money, no consumer protection, and no rewards.

Blah.

It's an interesting concept. The Revolution Card has no name or account number on it. This essentially keeps the transaction anonymous between customer and merchant. Cash is still used a lot due to it's "anonymous" aspects; I predict revolution card, if widely adapted, would replace a lot of cash based transactions rather than just switching users from another credit card.

For now there's little to offer for the FWF crowd. No 0% balance transfers; for what it's worth you can get a $20 concession stand credit at a Wachovia stadium for applying.

Somebody apply for this and keep us posted on how it works and how they issue credit. This may be an interesting one to watch.

When is this going to be actually working?

Wow, some of you definitely got up on the wrong side of the bed. We want more competition, trust me.

This is one of the last bastions of 20th-Century usury: the fees charged to process credit card transactions. It has absolutely no economically-sustainable place in a world with the internet. It's right up there with . . . well, I'll use a local analogy — the SF Golden Gate Bridge Toll. How many decades ago did they finish that thing? And not only are we still paying for it, the toll goes up with a frightening regularily.

No friends, however wobbly this may look we should all be grateful that someone, at long last, is going after VISA and MC.

TYTBUDGET

Competitor to paypal??? It is like I would say that UKREXIMBANK is a competitor to CHASE. But what don't the owners do or say to aquire a customer. They even post it on fatwallet. Since paypal belongs to eBay, eBay makes sure it will always be number one. On eBay only though, don't get me wrong.

It'd be amazing if the credit card works and they can take on visa/mastercard/AMEX/discover.

Even free money exchange makes me happy. I stopped accepting paypal for personal stuff because I don't want to pay the fee.

kamalktk said: makes today's USA Today

But it still has a terrible name.

I just signed up to try the Buy.com deal. It was pretty simple, though I didn't copy the revolution card number the first time and had to sign in for my online statement to get it to use at Buy.com. Very much like applying for any other credit card. They only gave me a $5k limit, which would be a deal killer for an everyday card, but is plenty for getting the promo discount.

The credit just appeared automatically after entering the revolution payment option & card number, definitely a great deal on the item I wanted (which was already pretty cheap and had free shipping). And they've got an improved domain name - revolutioncard.com.

Banks that would use this system can't afford to offer 3% Cash Back on everything, because they only get 0.5% from merchant.
I don't think this will work. The only way it would be useful for customers is that merchants give them some rebate for using it.
But we don't see merchants promoting to use "DEBIT" option for VISA/MC debit cards(which is also cheap for them), so why they'd do it here.
Of course, some merchants taking only debit cards as a payment may like the idea to add this option.

Off topic. BTW, I'm sick and tired of the question "DEBIT or CREDIT" I'm asked in the stores. Sometimes I just answer "Credit, of course" when I'm not in the mood.

ANightShopper said: Received the card and the offer $5 for $25 spend up to 3 times. Too bad the store list is very limited. https://www.revolutioncard.com/Website/where_to_use.aspx

I may try this. So basically if you spend $75 ($25 x 3) you get $15 - only thing is, you have to do it within 90 days of activating your card.