October 12, 2007 Online shopping has become a way of life for many consumers with 39 per cent of adults in the US reportedly making a monthly purchase online according to a study from icrossing. With the advancements in technology has come increased security risks and fees, opening up a market for new approaches to online financial transactions. One of the newest players in this field is Revolution Money - a company founded by the co-creator of the AOL Internet service, Steve Case, that claims to have developed a better way of managing money in cyberspace.
RevolutionCard is the low rate credit card product with added security to reduce the risk of identity theft which has become and increasingly large problem in the US. The RevolutionCard differs from other credit cards in that it is PIN-based for greater control and security. If your card is lost or stolen, any unauthorized user must know your PIN to make purchases and you can change your PIN as often as you like. Further, the card is not embossed therefore your name and account number do not appear on it. By not storing physical data on the card it limits identity theft, reduces fraudulent charges and lowers risks if the card is lost or stolen. The RevolutionCard is a welcome change for merchants too. By using secure online technology the company is able to offer 0.5 per cent interchange fees rather than the industry average of 1.9 per cent.
The second strand of the company's platform is the MoneyExchange, a facility for transferring money between account holders online that is in most instances free from fees. Revolution MoneyExchange has been launched in an invitation-only beta form but will be gradually expanded before being made available to all consumers later this year.
By offering both the credit cards and free online money transfer Revolution Money has created a unique opportunity allowing customers the convenience of combining their online and offline payment needs into a unified stored value and credit experience. And security is definitely the name of the game. Jason Hogg, CEO of Revolution Money said that “payment security and identity theft are big concerns for virtually everyone today…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.”