There’s gonna be a new player in town and it’s called Revolution Money. It’s being touted as the next Paypal-killer and do better than the non-performing Google Checkout.
But what is this Revolution Money really all about?
Well, the official press release says it’s an “Internet-based payment system… that combines the power of free online money transfer with credit and pre-paid in one integrated offering.” So basically, it’s like Paypal and MasterCard combined.
What actually gives credibility to this new service is the power-packed board of directors:
- Ted Leonsis, Vice Chairman of AOL LLC
- Lawrence Summers, former U.S. Treasury Secretary
- Russell Hogg, former President and CEO of MasterCard International, Inc.
- Franklin Raines, former CEO of Fannie Mae; former director of the Office of Management and Budget
- David Pottruck, former CEO of Charles Schwab and David Golden; CFO of Revolution LLC and former Vice Chairman of JPMorgan
The company recently announced a $50 million Series B round of funding from Citi, Morgan Stanley, Deutsche Bank.
On the lighter side, they will also offer money exchange services for FREE thru Revolution Money Exchange (oh, that’s a mouthful already). It has also partnered with AOL so users can make and send payments via the AOL Instant Messenger.
Here’s the complete schedule of fees:
Register for an Account - FREE
Add Money electronically from Bank Account - FREE
Send Money - FREE
Receive Money - FREE
Request Money - FREE
Withdraw Money electronically to Bank Account - FREE
Withdraw Money by Check - $2.50 per check
Paper Statement - $5.00 per statement
Returned ACH Fee - $35.00 per returned ACH
Overdraft Fee - $35.00 per overdraft
Stop Payment on a Check - $20.00 per check
You can read the full details of this on Ted Leonsis’ blog.
I’m more curious if this service will be available in Asia, specifically here in the Philippines where Paypal seemed to have totally forgotten.
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Free account, free withdrawal. Way better than what I have now. I wonder what’s the catch.
Thanks for the heads up Abe! Will monitor this closely and see how if it will be offered here.
They should know that Filipinos are now also a player in the online community
Looks promising. It’s Xoom for me at the moment
We always need alternatives to withdraw from PayPal in South East Asia except for those in Singapore (I am from Malaysia)!
I hope this service can allow fund transfer from PayPal as well!
i’m excited
Btw, this just launched. Couldn’t get a account for the Philippines though since it requires both a Social Security number (anti-illegal immigrant) and home state (US only, not even Canada!)
Hopefully Philippines will be supported sooner. It took years for paypal to support philippines, since paypal is here now, we rather stick to it.