To supplement its existing distribution channels
Fifth Third Bank (FTB) has partnered with the Revolution Money network, an alternative payments company, as an issuing bank. The combination of FTB’s card-issuing capabilities with Revolution Money’s marketing and customer servicing and communication capabilities are expected to provide a platform for expanded adoption of RevolutionCard.
Reportedly, as the first PIN-based credit card, RevolutionCard provides cardholders peace-of-mind knowing that if they lose their card an unauthorized person cannot use it without their PIN. Additionally, RevolutionCard is expected to reduce the chance of identity theft as the card does not display a cardholder’s name or signature. The bank has said that these consumer-oriented security features benefit merchants by helping to reduce chargeback and fraud risk.
Jason Hogg, founder and CEO of Revolution Money, said: “With Fifth Third as an issuing bank we have our largest opportunity yet to significantly grow the RevolutionCard business. Our partnership coincides with a time when consumers are looking for the type of embedded value in every purchase that Revolution Card provides.”
Jon Groch, director of Bankcard Services at FTB, said: “We are excited to join the Revolution Money network and about the opportunity it creates by providing Fifth Third with a new card distribution channel to supplement our existing distribution channels. We are confident that the value proposition the Revolution Card provides will attract loyal customers seeking everyday value, and enhanced security from their credit card.”