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A decade ago, America Online TWX co-founder Stephen M. Case helped bring the Internet to the masses. Now, he hopes to create a similar buzz with millions more consumers hungry for another product: credit. BusinessWeek has learned that Case's latest venture is a new payment system called GratisCard, which will use the Internet to lower transaction fees paid by retailers
Steve Case is trying to take on the high intercharge fees taken by Banks and Visa/Mastercard. It's definitely a very tough nut to crack, i had a chat with the CEO of Visa not to long ago, and it's just insane listening to how much money goes through their system and the network of people worldwide.
CEO of Gratiscard will be Jason J. Hogg,was teh founder of MBNA Canada son of credit card veteran Russell E. Hogg, whom was chief executive of Mastercard in the 1980's.