Washington Capitals franchise owner Ted Leonsis says that Revolution, a new player in “plastic land”, is on track to escalate its number of cardholders from the current 700,000 cardholders to about 11 million by 2011, according to Barrons.com.
The RevolutionCard, which may someday rival Visa, MasterCard, American Express and PayPal, is attempting to attract merchants with dramatically low transaction fees. Merchants generally pay about 4 percent of each transation, but Revolution charges a significantly lower 0.5 percent, explained Leonsis to Barrons. And merchants are said to be offering cardholders instant rebates and free merchandise.
While Leonsis is listed as a company founder, also associated with Revolution is Leonsis’ America Online buddy Steve Case who sits on the Revolution Board.
“Case and I are accustomed to attacking entrenched, older, tech-oriented businesses,” Leonsis told Barrons.
Other board members include former American Express CEO James Robinson, along with Franklin Raines who about five years ago took an “early retirement” from Fannie Moe. Barrons lists Revolution “bankrollers” as including such heavyweights as Morgan Stanley, Goldman Sachs and Citigroup.”
Company president Jason Hogg also revealed that the RevolutionCard contains no visible customer information on it.
Although many major retailers do accept RevolutionCard, Barrons did explain that currently it is not possible to rent a car or buy an airline ticket with it. Of course, that could change as the card gains wider acceptance and popularity. Sphere: Related Content
No comments:
Post a Comment