Revolution Money taking on Paypal

Abe Olandres Editor-in-chief September 25, 2007 · 2 min read

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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.

Revolution Money Exchange 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.

What is Revolution Money?

Revolution Money is an Internet-based payment system combining free online money transfer with credit and pre-paid services.

Who are some notable members of Revolution Money's board?

The board includes Ted Leonsis, Lawrence Summers, Russell Hogg, Franklin Raines, and David Pottruck.

What fees does Revolution Money charge for sending money?

Sending money through Revolution Money is free.

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Abe Olandres

Editor-in-chief

Abe is the founder and Editor-in-Chief of YugaTech with over 20 years of experience in the technology industry. He is one of the pioneers of blogging in the country and is considered by many as the Father of Tech Blogging in the Philippines.

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John Hague · 15 years ago

I love paypal and is a good service. The only problem i’ve found with it however is when it comes to currency exchange and the complicance procedures that need to be put in place in order to prevent money laundering.

I don’t know if paypal has included a feature to automate this process, which would be a God send, but hopefully such a system would get implemented soon.

ace · 17 years ago

I never had a problem with RME yet. You can use RME with the Abundant Living System providing the inviter accepts RME. I love RME despite the 2500 monthly limit. It’s not a bad thing to actually have a limit in place, as I have heard horror stories from those who had been fxxked from using paypal and how some people had thousands of dollars stolen from paypal via false complaints from buyers on sites like ebay and such.

justin · 18 years ago

Hopefully Philippines will be supported sooner. It took years for paypal to support philippines, since paypal is here now, we rather stick to it.

glenn · 19 years ago

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!)