If you want to send money to other members on Facebook, you can now do so for free using the Facebook Revolution Money Exchange App. Actually, it’s better than free. You get $25 for signing up and $10 for everyone you refer.
Revolution Money Exchange is one of the newest PayPal rivals to spring up lately. PayPal being the household name that it is, the sign-up and referral incentives, along with the Facebook app are designed to put Revolution Exchange on the map
I signed up for RME today and it was nearly identical to PayPal: fill out basic info, add bank account and wait for a few cents to be added to account for verification. Anyone who does business online (even if it’s as simple as eBay) should be used to this process by now.
When the app launched on Facebook a few months ago, Techcrunch ran an article explaining the master plan behind Revolution Money Exchange. You see, Steve Case (the founder of the startup) is not looking to make money with Money Exchange. He is simply looking to use the leverage of social networks to draw in new customers for the .
The Revolution Card is the real bread and butter of Revolution Money. Case is banking on the face that Facebook users will appreciate a free system for exchanging money within the social network. Sign-up will be free so no one will mind giving up a few bits of personal information. Those few bits of personal information (and an “I Accept” with some fine print about advertising) will build Case a whole new list of potential Revolution Card customers.
Not that there is anything wrong with the Revolution Card, I’m just personally not that into aquiring any more plastic right now. The card actually sounds quite cool. Revolution partners with many financial institutions to get you the best rates based your on past and current credit situation. This means that if you have great credit, you could potentially get a better rate than the big credit card companies could offer you as the approval process is more customized. On the other end of the spectrum, if your credit sucks, you could still get approved, just watch the interest rate.
I am not trying to sell you on the Revolution Card, but I would like to briefly mention that it takes identity security very seriously. Your name and account information aren’t even printed on the card and the only way to use it is with a PIN. Though this may annoy some of you, others will appreciate that it is nearly impossible for identity theft to happen with this type of protection in place.
Anyway, back to the Revolution Money Exchange. Though I’d really like you to use my link to sign-up to the Money Exchange, let me be clear that you may be in for some serious email advertising if you do. For me, the free money exchange and $25 bonus is worth having to hit the delete button a few more times. But I don’t want you, as my valued readers, to feel like I have urged you to sign up for some annoying sales list. So don’t say I didn’t warn you.
That said, the Revolution Money Exchange service will most likely always remain free. The idea behind it is list-building, not profit. Case and crew are bound to continue with the incentive program for as long as they are building their uber-list.
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