Steve Case Putting Weight (and money) Behind New Online Payment Company
Steve Case, founder of AOL, is putting his money behind a new online payment company that will attempt to go up against heavyweight PayPal. The new company, named Revolution Money (I better not hear the Beatles song in their commercials), promises to let users transfer money for free as well as offering a credit card to merchants with significantly lower fees. The credit card, named RevolutionCard, will have an interchange fee of 0.5% which is significantly less than the 1.9% average offered by other cards. AOL has signed on as a initial partner (surprise!) and will let users make payments and transfer through its AIM instant messaging system for free.
Revolution Money’s payment system is currently being tested, but should roll out before years end. I am actually really excited to test this, especially the AIM component. Should be interesting how PayPal responds to the latest threat to their market domination.
