Revolution Money has expanded its network with the addition of Fifth Third Bank. Revolution Money, founded in 2007, isthe first new payment brand introduced in the United States since Discover Network in 1985.
Revolution Money offers the RevolutionCard, the first credit card that requires a PIN. It is also the only credit card that does not charge retailers interchange fees.
The Revolution Money system's lack of interchange fees is a key advantage. An interchange fee is the fee that a merchant’s bank pays a customer’s bank when merchants accept cards using card networks such as Visa and MasterCard (and Revolution Money) for purchases.
This interchange fee amounts to a fee against the merchant, so a merchant accepting a credit card will not receive the full amount of the purchase or service price. In addition, the merchant's bank sometimes charges an additional, usually smaller fee, which is often called a discount rate, an add-on rate, or passthru.
The Revolution Money RevolutionCard has no name, signature, or other identifying information, so if the card is lost or stolen, it cannot be used, unless the PIN is known. This is an added protection for both consumers and merchants.
Additionally, Revolution Money's RevolutionCard reduces the chance of identity theft. These security features benefit merchants by helping to reduce chargeback and fraud risk, and helps with reducing the name for interchange fees. Revolution Money is part of the family of companies within Revolution LLC, which was founded by AOL co-founder Steve Case.
In addition, Revolution Money offers Revolution MoneyExchange, which might be termed a PayPal clone. Similar to PayPal, MoneyExchange is an online payment service.
Jon Groch, Fifth Third Bank director of Bankcard Services, "We are excited to join the Revolution Money network and about the opportunity it creates by providing Fifth Third with a new card distribution channel to supplement our existing distribution channels. We are confident that the value proposition the Revolution Card provides will attract loyal customers seeking everyday value, and enhanced security from their credit card."
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