Web 2.0 Summit: Revolution Money's Ted Leonsis and Jason Hogg

Now that Ted Leonsis, vice chairman of AOL and president of its “fast-growing” Audience business, has retired from his active management role, he’s got plenty of time to shill for his “Web 2.0 payment platform,” Revolution Money. It’s “PayPal meets MasterCard without the high fees,” says Leonsis, who claims Revolution will completely overhaul the online payments industry with its PIN-protected anonymous credit card and payments platform for social and instant-messaging networks.

But I suspect it’s going to take quite a bit more than that to unseat institutions like Visa and MasterCard, even with merchant fees of just 0.5%.