Revolution Money is a financial services company based in St. Petersburg, Florida. The company's products include a PIN-based credit card, online person-to-person payments service with a linked stored value card, and gift card. Revolution Money is the only credit card that does not charge retailers interchange fees. The company partnered with Yahoo! Sports and Fifth Third Bank.
Revolution Money has three products: RevolutionCard is a credit card, Revolution MoneyExchange which provides free online money transfers between members, and RevolutionGift, the gift card. Revolution MoneyExchange accounts are issued by First Bank and Trust.
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Background
Revolution MoneyExchange was an online bank intended as an alternative to PayPal and its chief competitor, Google Checkout. It was founded as GratisCard in April 2007. Ted Leonsis and Steve Case were on its board of directors.
Revolution MoneyExchange was backed by Citi, Morgan Stanley, and Deutsche Bank AG, as well as its parent company, Revolution LLC. There were no fees charged for online transfers between accounts. The Revolution MoneyExchange Card was a stored-value card that allowed account holders to access their funds for purchases at merchant locations on the RevolutionCard network and for cash withdrawals at ATMs nationwide.
RevolutionGift is a prepaid PIN-based gift card with no account number printed on the card. Other features included the capacity to send money via AOL Instant Messenger.
On November 18, 2009, American Express announced that it would acquire Revolution Money for 500 million USD, and finally did for 300 million USD. Revolution MoneyExchange was purchased by American Express in January 2010 and renamed Serve Virtual Enterprises, Inc. Serve Enterprises then launched Serve and discontinued Revolution MoneyExchange on March 28, 2011.
Maps Revolution Money
References
- Squires, Paula (June 1, 2008). "Steve Case searches for another iconic brand". Virginia Business. Retrieved 2008-07-22.
- "Revolution Money - Formerly GratisCard". Payments News. Retrieved 2008-07-22.
- "Revolutionary Money: Upstart Challenges the Credit Card Industry". Portfolio.com. 2008-07-01. Retrieved 2008-07-22.
- "Revolution Money Aims for 1 Million Merchants, Cardholders by Year End". Digital Transactions. June 20, 2008. Retrieved 2008-07-22.
- Burnsed, Brian (June 20, 2008). "Top News: To Save Money at the Gas Pump, Pay Cash. Filling stations are offering a 6¢-a-gallon discount for cash customers, to incentivize the use of cash, cutting back on hefty credit-card fees". BusinessWeek. Retrieved 2008-07-22.
- Gonsalves, Antone (November 8, 2007). "Revolution Online Money Transfer Service Pits Itself Against PayPal. The company is marketing its new RevolutionCard credit card payment service as a more secure option to traditional credit cards from MasterCard or Visa". InformationWeek. Retrieved 2008-07-22.
- Cauley, Leslie (2007-09-23). "Account number, name not on this credit card". USA Today. Retrieved 2008-07-22.
- Manning, Margie (August 17, 2007). "St. Petersburg credit card company launches a Revolution". Tampa Bay Business Journal. Retrieved 2008-07-22.
- Hundley, Kris (October 27, 2007). "Get ready for credit card 2.0. The name of the St. Petersburg company sums it up, say the founders of Revolution Money". St. Petersburg Times. Retrieved 2008-07-22.
- "AOL co-founder backs new online payment firm". The Washington Post. 2007-09-25. Retrieved 2008-07-22.
- Regan, Keith (January 9, 2008). "A Host of Hot Niches on the E-Commerce VC Trail". E-Commerce Times. Retrieved 2008-07-22.
Source of article : Wikipedia
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