Steve Case Pushing A New Online Payment Effort

Is the E-Commerce world ready for another payment option? What if it's a payment option that charges 0.5 percent, which is almost one-fourth of the typical 1.9 percent rate?

The effort is dubbed Revolution Money and is being pushed by AOL co-founder Steve Case, along with former top execs from AOL, Charles Schwab, the U.S. Treasury Department, Fannie Mae and MasterCard. At least those are the resumes from the board of directors. It's unclear how much those folk will be working on the company's day-to-day operations.

Revolution Money hopes to circulate 100,000 RevolutionCards in the next few months and hit 1 million in a year, a spokesman told the Washington Post, in this story where the service is said to combine "a PayPal-like money transfer service with a credit card that can also be linked to a bank account."