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Steve Case trying to lower intercharge fees on CC's

Former AOL Founder taking on MasterCard and Visa

     
9:53 pm on Mar 13, 2007 (gmt 0)

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BusinessWeek [businessweek.com]

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.

10:07 pm on Mar 13, 2007 (gmt 0)

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Sounds good, but according to the web site, there is all of one place you can use the card. There doesn't seem to be any place for a merchant to apply.

I'd love to signup, but who knows how long before our payment gateway would be setup to work with it.

10:20 pm on Mar 13, 2007 (gmt 0)

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LifeInAsia, worth noting from BW article that's it's not launched yet.
10:33 pm on Mar 13, 2007 (gmt 0)

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The web site makes it sound like it's been up and running for some time.

Ah, your link goes to page 2 of the story. I didn't see page one before (where it says they plan to start from April).

[edited by: LifeinAsia at 10:35 pm (utc) on Mar. 13, 2007]