ST. PETERSBURG, Fla. – Revolution Money, a new payments company backed by big venture money, last week said it signed the first processor relationship for its RevolutionCard, a PIN-based credit card.
The deal with Fifth Third Bancorp will give the new payment card broad-based acceptance by linking it with Fifth Third’s Jeanie network, which connects with 2,600 credit unions and banks and 156,000 merchants nationwide.
It is the first processing deal signed by Revolution Money, which launched its Revolution Card in September. The card offers a reduced opportunity for risk by allowing holders to change their PINs and does not display the cardholder’s name or signature. The card also charges no interchange fees to consumers or merchants.
Revolution Money also has introduced an online person-to-person payment service, called MoneyExchange, which provides free Internet money transfers.
Revolution Money was founded by Steve Case, a founder of America Online, Ted Leonis, a former AOL president, former U.S Treasury Secretary Larry Summers, David Pottruck, a former CEO of Charles Schwab, and Jason Hogg, a founder of MBNA Canada and son of former MasterCard CEO Russel Hogg, who also is an investor.
