Revolution Money Exchange Launches

There's a new credit/debit card and online payment system launching today that is aiming to compete with PayPal. Ted Leonsis and Steve Case of AOL fame launched RevolutionCard back in September, but today announced Revolution Money Exchange. The solution is a "next-generation" credit and debit card that is being pushed as more secure and less expensive than current options. Their target market? The millions online using social networks.
 
From a USAToday article:
Revolution will launch on AOL's AIM instant-messaging service. AIM "buddies" will be able to transfer money to each other or to participating merchants via an instant-message window. From there, Revolution hopes to be on Facebook, MySpace and anywhere else young people gather online.
 
To use the service, end-users will sign up and enter bank account information. Revolution will then transfer the money from your bank to the vendors, at no cost to merchants. Sounds good, but is it too good to be true? Google Checkout works (at least right now) on the same model but adoption of that service and the corresponding shift necessary for that service to be successful has never happened. There is currently no information available for merchants on the Revolution Money website.