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US company Revolution Money has launched MoneyExchange, a free online money transfer service, as a direct competitor to PayPal and Google Checkout.
The service is backed by AOL founder Steve Case and has also received funding from Citi, Deutsche Bank and Morgan Stanley.
Money Exchange is designed to work with instant messaging services and social networks - AOL is partnering with the company to allow payments through its AIM messaging service.
It aims to charge a lot less then PayPal, which typically charges around 5% to receive payments.
According to Case:
"We have built an innovative Web 2.0 company based on the latest technology to disrupt the decades-old system with the goal of offering the industry's most accessible, easy-to-use and secure payment system that puts money back where it belongs, in consumers' pockets."
The company has also launched RevolutionCard, a credit card, which will charge users just 0.5% of each transaction, rather than the average industry rate of 1.9%.
The system sounds promising but, as Google has found out, breaking PayPal's dominance of the online payments market will not be easy.
eBay spoils Google's Checkout party - literally