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Fifth Third Bank to issue RevolutionCard

Wednesday 21 October 2009 | 09:54 AM CET

Fifth Third Bank has closed a deal with US online payments company Revolution Money to join the latter`s network as an issuing bank.

RevolutionCard eliminates costly interchange fees for merchants and offers consumers PIN-based security, identity protection, as well as merchant discounts and incentives. RevolutionCard incorporates PIN-based authentication and does not display its holder's name or signature. Each transaction requires the four-digit PIN, thus limiting unauthorised transactions. RevolutionCard cards are accepted at around 650,000 locations in the US.

In April 2009, Revolution Money gathered USD 42 million in funding granted by an investor group which includes one of bank holding Goldman Sachs' affiliates and two investors, namely Citigroup and US financial services firm Morgan Stanley.
 

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