A large group of very heavy hitters, chaired by former AOL man Ted Leonsis, has launched a new financial services company called Revolution Money - RevolutionCard. Company is introducing a credit (Revolution)card without number on card and name. They promises new way to pay, new level of security. No worries when you lost your credit card as it has no name and number on it. This one is PIN based credit card, I am guessing that you need to enter PIN every time your purchase. Something similar to your ATM and DEBIT cards. Any unauthorized user must know your PIN to make purchases. And you can change your PIN as often as you like. Currently, transfer balance is not available for this credit card.
MoneyExchange is another service from them to exchange money between two MoneyExchange account holder. (same as one paypal user send money to another paypal user) Consumers will be able to use Revolution MoneyExchange across a variety of Internet platforms and portals, including social networks and Instant Messaging portals
Revolution MoneyExchange launched in invitation-only beta form today and will be gradually expanded before being made available to all consumers later this year.
- No physical data is stored on the card.
- Limits identity theft
- Reduces fraudulent charges
- Lowers risk if card is lost or stolen
- Credit card with flexible features
- PIN-based for greater control and security
Is this credit card targeting PAYPAL? I am not sure how many merchants will start accepting when card is out. Let’s see. It’s a nice concept, indeed…
“Payment security and identity theft are big concerns for virtually everyone today,” said Hogg. ” That is why we have created a network based on the latest technology that provides consumers the highest security available. Whether a consumer wants the benefits of a traditional credit card, pays bills online or transfers money, Revolution Money is the most cost-effective and secure offering available.” - via [Revolution card and here]
Technorati Tags: credit card, revolution money, revolutionmoney, ecommerce, e-commerce
AOL co-founder backs new online payment firm Co-founder of America Online Steve Case speaks at the Health Care Innovation and Technology Congress in Washington November 11, 2005. Case is backing a new online payment company that promises to let users transfer funds for free and offer a credit card with sharply lower fees for merchants.
Jason Hogg, President and CEO of RevolutionMoney, pictured with his RevolutionMoney card kiosks at their headquarters in downtown St. Petersburg.
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Via [web2.0 credit card and tempabay]