Consumer Payment Card News

Revolution Money

The first anonymous PIN-protected credit card and the first free online money transfer service has been launched. Former top AOL executives have banded together to introduce the new payment platform that also offers lower fees for merchants. Revolution Money, formerly “GratisCard,” is being funded by Steve Case, and led by Ted Leonsis, former U.S. Treasury Secretary Larry Summers, former Charles Schwab CEO David Pottruck, and former MasterCard President and CEO Russell Hogg. It is also backed by Citi, Morgan Stanley and Deutsche Bank. Revolution Money this week introduced its first two flagship offerings “Revolution MoneyExchange,” the first free money transfer service and “RevolutionCard,” the industry’s first anonymous,
PIN-protected credit card. “MoneyExchange” launched in invitation-only beta form and will be gradually expanded before being made available to all consumers later this year. The “RevolutionCard” offers merchants an average interchange rate of 1.9%. For more information visit: “http://www.revolutioncard.com”:http://www.revolutioncard.com or “http://www.revolutionmoneyexchange.com”:http://www.revolutionmoneyexchange.com

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