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November 15, 2007

Innovation: Customers Miss REVOLUTIONARY Credit Card News

Is it because we do not like to be anonymous? A new kind of credit card launches in September and it’s not all over the news. Founded by AOL’s Steve Case and an impressive team of experienced veterans of the credit card and banking business, Revolution Money has all the hallmarks for success. Where are the success stories?

This may be the greatest customer-friendly product you never heard about. According to an article in inside A.R.M.

Revolution Money offers users an anonymous credit card. With no name or account number on their card, consumers’ identities remain anonymous, drastically reducing the risk of identity theft, fraudulent charges and other consequences of cards being lost or stolen, according to company officials.

Mark at Digital Money World proclaims: Vive La Revolution! as thanks to a Web 2.0 platform, Revolution Money offers an online service similar to PayPal called Money Exchange -- with free account to account holder transactions -- and the Revolution Card, which charges merchants lower fees -- 0.5% vs. the industry average of 1.9%.

In 2006 the fees paid to credit cards in the US totaled $56 billion. Some of those savings may be passed on to you, the customer. With so much fanfare off the gate, such an impressive board of directors, and apparently enough funding, how come I had not heard about them?

This is the next generation credit card -- no names, no numbers, enhanced security, portable, and it would seem to me loved by everyone. Who likes to pay and risk more? A follow up story on St. Petersburg Time last month stated that Revolution Money’s CEO, Jason Hogg has been busy forging partnerships and the card is now accepted by about 100,000 merchants. The goal is to reach 1 M in the next year.

Is Revolution Card the iPhone of credit cards? Will it truly stimulate competition for customers and a friendlier interface? What’s next? A Google card?

Valeria Maltoni • Conversation Agent • Philadelphia, PA • www.conversationagent.com

Posted by Valeria Maltoni at November 15, 2007 6:55 AM | Topic: innovation | Add Comment