Friday, September 28, 2007

Steve Case Launches Internet Payments Firm Revolution Money

AOL co-founder Steve Case has announced the launch of Revolution Money, a company that says it wants to "transform the payment industry" through a new Web-based payment platform. Revolution Money will market secure credit cards that boast lower interchange fees for merchants and a free online money transfer service. Case initially helped form the company -- originally called GratisCard -- in April, along with former AOL vice Chairman Ted Leonsis, former Treasury Secretary Larry Summers, former Charles Schwab CEO David Pottruck and former MasterCard International president and CEO Russell Hogg. Leonsis will serve as chairman of the company, which will operate as a unit of Case's investment firm, Revolution. "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," said Case, who said that Revolution Money will use Internet technology to "disrupt the decades-old system." The company has launched its first two offerings -- a free money transfer service that powers online transactions for social and instant messaging networks, and an anonymous, PIN-protected credit card. Article

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