Revolution Money, a Web 2.0 interchange-free payment platform launched in the US last year, has recruited Fifth Third to provide processing services for its "anonymous" PIN-based credit card.
Under the deal, the RevolutionCard will be accepted by Fifth Third Processing's merchant customers across the US through the Jeanie network.
Revolution Money says that its credit card, which was launched in September 2007, eliminates costly interchange fees for merchants as its proprietary operating system uses the Internet to circumvent the traditional interchange system. Additionally, RevolutionCard reduces the chance of identity theft as the card does not display a cardholder's name or signature.
The firm has now signed up Fifth Third to provide "gateway processing services" that will enable retailers and ATM processors to connect to its Web-based platform and offer the credit card to merchant customers.
Duncan Evans, SVP and general manager, retail business, Revolution Money, says: "Our relationship with Fifth Third Processing Solutions enables merchants of all sizes to begin saving money by accepting the RevolutionCard, and enables our cardholders to use their cards for their everyday purchases throughout the country."
Revolution Money - a subsidiary of Revolution, an investment firm formed by AOL founder Steve Case - also operates MoneyExchange, a Web 2.0-based online payments platform for social and instant messaging networks, which enables consumers to transfer funds via the Internet to other accountholders. The firm plans to provide its users the option of linking online accounts to a RevolutionCard
Consumers can use Revolution MoneyExchange - which is currently in beta phase - across a variety of Internet platforms and portals, including social networks and instant messaging portals.