The Revolution payment service that started in beta in late September has now launched, according to InformationWeek. The service, founded by AOL cofounder Steve Case, is pitching the Revolution MoneyExchange's money-transfer service as "the first online payments platform for social and instant messaging networks, allowing consumers to safely transfer funds via the Internet to anyone, even merchants, for free."

According to the RevolutionMoneyExchange.com website, it's free to register for an account and to send and receive money. There's no cost to add or withdraw money electronically to and from bank accounts, and there's a $2.50 fee to withdraw money by check.

The service is targeting consumer-to-consumer transactions: users can receive payments to their MoneyExchange account up to $1000 per day, not to exceed $2500 per calendar month. Similarly, users can send up to $1000 per day, not to exceed $2500 per calendar month. Users may add value to their accounts a maximum of 30 times per calendar month. The maximum value load is $1,000 per day and $2,500 per calendar month. The maximum account balance is $2,500.

Money in MoneyExchange accounts is held at First Bank & Trust Brookings, South Dakota (Member FDIC). There is zero interest accrued.

According to InformationWeek, Revolution Money Chairman Ted Leonsis told Web 2.0 attendees last month, "We want to become for social networks what PayPal is for EBay" (http://www.informationweek.com/news/showArticle.jhtml?articleID=202804023).

https://www.revolutionmoneyexchange.com

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