Amex buys PayPal rival.
23 November 2009
The money services giant asserted plans last week to buy the Web payments firm started in 2005 by Web firm AOL founder Steve Case, with the acquisition price set at three hundred million bucks. The move is a direct challenge to recognized leader PayPal, researchers say. Researchers say AmEx is most interested by the supposed P2P services of Revolution, which will enable inexpensive cash transfers among people and enterprises. "I think it is a challenge to PayPal, but it is more than that," recounted Ed Kountz, a researcher who follows fiscal technologies at Forrester Research. "AmEx is positioning themselves for better creativity, and for the subsequent generation customer.". Mr Kountz related a range of new technologies are rising for person-to-person and alternative payments, but that few firms have managed to get the critical size with both shoppers and merchants to gain a foothold.
PayPal, a unit of eBay, has managed to reign supreme over in this area but Google Checkout has struggled, say analysts. "People are feeling greater comfort with cashless transactions," declared Mr Kountz. Revolution also hopes to compete against conventional credit card firms by handling payments at a lower fee. Joe Weisenthal at the web research site Business Insider recounted Revolution is "frequently called a PayPal killer," but has not been able to grow in the finance crisis. The action by AmEx incorporates PayPal expanding its offerings with new methods to transfer money using mobile telephones or social networks like Facebook. Revolution "offers a singular card that appears to mix the idea of standard credit and debit cards with Internet-based payments along the lines of PayPal and Google's service," claimed Jim Kim of the monetary technology web site FierceFinanceIT. "We'll see the way the other giant boys react.". Kountz claimed AmEx and Revolution "looks like a good wedding, but the evidence will be in the delivery.". Florida-based Revolution Cash sprung from the venture capital group controlled by Case, with the mission "to drive transformative change by shifting power to consumers," according to the group. Amex wants to close the deal in early 2010 subject to licensing permission. "While Revolution Money is a young and comparatively little company, we think it has enormous potential," Mr Chenault recounted. It's run by a skilled management team who have quickly developed some cutting edge e-payment offerings," he recounted. "Joining with Amex will help unlock their potential, while letting us to supply competitive online payment products more quickly and efficiently.". Small William John was born just 39 mins after his pa was rubbed out in an auto accident. If we aren't careful it'll hit us very fast that it's dying.
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