The PayPal Revolution: Completely Free Money Transfers
It all started with PayPal, which allows you to send money electronically to other friends and associates just by knowing their email address.
The beauty of PayPal is that the recipient doesn’t need an account to receive it and they can free withdraw the money from PayPal into their checking account for free. eBay bought the company recently and is now building out the platform to compete on a real B2B comeptitive level with other merchant credit card processing services.
There are and were others out there that tried to build their own similar services – Western Union’s BidPay, eBay’s own eBay Payments, Citibank had their C2It which fizzled and there’s a couple of more out there. Now you can add another one to the list, which promises completely free money transfers end-to-end so that no fees would be paid at all in most cases.
While there are new services that are aiming at the cellular handset / mobile world, Revolution Money Exchange, is aiming squarely at the PayPal customer base. Started by the founder of Netscape, this one could be a real practical way to send money to relatives that are remote – at college, overseas or just next door.
Since it’s completely free to add money or withdraw money electronically from a linked checking account, each side is fee-free. Sending and receiving money is free too. The only times you’re charged is if you’re using offline methods to use your account balance — like a check or debit card that you can have issued for the RevolutionMoney.com account.
Revolution Money intends to offer merchant services so that you can make purchases online and offline at store that accepts Revolution Money cards and accounts. Probably like PayPal, you’ll be able to accept credit cards and eChecks with ease for transactions. It will be interesting to see the details of these services when they get rolled out.