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Steve Case has launched his latest startup, Revolution Money, which looks to completely overhaul the online payments industry. The service starts with Revolution MoneyExchange, a free money transfer service that competes with PayPal. Additionally, the company will be launching a credit card called RevolutionCard, that users will be able to link to their MoneyExchange accounts. For merchants, transaction fees will start at 0.5%, much lower than the current fees charged by most payment processors.
The service, which launches an invite-only beta today, also plans to offer an API and integrate with social networks and instant messaging platforms. The company is lead by CEO Jason Hogg, who says:
"Today, merchants, and ultimately consumers, pay an enormous sum just to have the convenience of using a credit card. Revolution Money's proprietary operating system uses the Internet to circumvent the traditional interchange system, providing a drastically reduced fee structure that could create billions of dollars of merchant and consumer savings - essentially flipping the industry on its head."