Aug 21

Atlas Venture Capital Selling MasterCard Debit Cards

Category: Banking, Credit Cards, Debit Cards, Doing Business in SL by Stone Culdesac

I mentioned yesterday over on the Grid Live that Perfect Card will be offering a Second Life Debit Card, well, it looks like that might not be the only one available.

08.17.07 - “The Bank” Now Selling MasterCard

The bank has now deployed new ATM machines in all bank locations. The new ATM machines will now allow you to buy a MasterCard Debit Card. This is a real life MasterCard, that you can use anywhere MasterCard is accepted worldwide.

The cards are sold with some pre loaded USD funds on the card. The options are $10, $20, $50 and $100 USD. The cards can be re-loaded with L$ from any of The Bank ATM machines. The L$ will be converted to USD at the posted daily exchange rates.

After all costs and postage for the card, Atlas Venture Capital expects to see 3000 L$ per card profit. This income will be used to cover some operational expenses, then the balance will be issued as a dividend to all active AVC shareholders.

Our goal is to sell 1,000 cards in the next 2 weeks. Then over the month of sept we hope to sell 10,000 more cards.

We hope to earn over 30 million L$ in the next 30 days, with this new program. Source: 08.17.07 - “The Bank” Now Selling MasterCard

Wow, they expect to earn of over 30 million lindens? I guess they expect most avatars in Second Life have no idea of all of the troubles with finance that have been occurring lately, and that may well be true. I will buy one just to see what it looks like and how it goes, but I doubt I use it to buy anything more than getting my 10 bucks back.

Someone needs to tell these people to spell check their press releases before posting.

Added: Just saw this linked to on Your 2nd Place, AVC had just recently acquired The Bank, referred to in the above story, and this article adds a little to the story.

The Bank is also announcing a new and innovative service to The Bank customers. World Wide Connect, owned by Lonnie Dagger, has also been purchased by Atlas Venture Capital to provide a MasterCard debit card service to all of The Bank customers. This card will enable people to deposit money into their debit accounts which can then be used with a real life MasterCard to buy lunch, or whatever else they desire, in the real world. There will be no transactions fees for this service, which is bonded by Lloyds of London. This is a first for Second Life and will really change the face of banking in the metaverse.

“These two acquisitions for Atlas Venture Capital will make the Bank a market leader in the finance community. No one else has tried to implement such a service to SL residents before, and it opens the door to an increased cross over between SL and real life, offering an additional portal for the withdrawal and deposit of funds into and from hard cash,” say Jasper Tizzy, CEO of Atlas Venture Capital. Source: Atlas Venture Capital acquires “The Bank”

Nobody Fugazi has sent a question asking Lloyds of London if they are indeed bonding this debit card for them, if so, it would certainly change my opinion of whether this card will be usable for me or not.

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