Revolution Money taking on Paypal

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 $50PHP 2,934INR 4,237EUR 48CNY 364 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 – $2.50PHP 147INR 212EUR 2CNY 18 per check
Paper Statement – $5.00PHP 293INR 424EUR 5CNY 36 per statement
Returned ACH Fee – $35.00PHP 2,054INR 2,966EUR 33CNY 255 per returned ACH
Overdraft Fee – $35.00PHP 2,054INR 2,966EUR 33CNY 255 per overdraft
Stop Payment on a Check – $20.00PHP 1,174INR 1,695EUR 19CNY 146 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.

Abe Olandres

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 considered by many as the Father of Tech Blogging in the Philippines. He is also a technology consultant, a tech columnist with several national publications, resource speaker and mentor/advisor to several start-up companies.

https://www.yugatech.com

16 Comments

BrianB says:

17 years ago

Free account, free withdrawal. Way better than what I have now. I wonder what’s the catch.
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Jonas says:

17 years ago

Thanks for the heads up Abe! Will monitor this closely and see how if it will be offered here. :)
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Dexter says:

17 years ago

They should know that Filipinos are now also a player in the online community
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sylv3rblade says:

17 years ago

Looks promising. It’s Xoom for me at the moment
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Wayne Liew says:

17 years ago

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!
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nel animo says:

17 years ago

i’m excited
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glenn says:

17 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!)
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justin says:

17 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.
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ace says:

15 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.
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John Hague says:

14 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.
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