American Express to enter market for online payments - washingtonpost.com

American Express on Wednesday said it had agreed to buy the online person-to-person payment provider Revolution Money for $300 million, the latest move by one of the credit card giants to add a service that has been increasingly in demand by consumers, especially younger ones.

Revolution Money is one of the start-ups under Revolution LLC, the umbrella company launched in 2005 by AOL co-founder Steve Case, who said he wanted to create companies that empower consumers. Revolution Money is an electronic alternative-payment company, somewhat like PayPal, that allows users to securely move money across the Internet. Former AOL executive and longtime Case friend Ted Leonsis is the company's chairman, and former American Express chief executive James D. Robinson III sits on the board of Revolution Money, which was founded in 2007...