Wednesday, 26 September 2007

AOL Topper Opens New Online Payment Firm

AOL co-founder Steve Case has started a new online payment service that assures users free funds transfer and offer a credit card with sharply lower fees for merchants.

Called as Revolution Money, the online service let users transfer money to individuals and online merchants for free. However, the payment system is in a pilot stage.

Revolution Money will compete against other online payment services such as PayPal from eBay and one offered by Amazon.

Revolution said the new service is initially being tied up with AOL.com to let users transfer money through its AIM instant messaging service for free.

The company also said it will offer RevolutionCard, a credit card with an interchange fee of 0.5 per cent, compared with an average of 1.9 per cent for other cards.