A PIN-based anonymous payment card with only a bar code and an account number encoded on its mag stripe is set to debut nationally next month after being tested at some sports arenas. The new “GratisCard” is part of a revolutionary new payment network being established by several seasoned industry veterans with the financial backing of AOL’s founder. The Florida-based Company says the card system essentially eliminates interchange fees, thereby producing cost savings of 2% to 7% in sales, resulting in gross profit increases of 10% to 70%. GratisCard Inc. will charge 50 basis points on each transaction. The card will be targeted at merchants that process low-value payments. GratisCard says the card requires no incremental investment by merchants since its software works with magnetic stripe and barcode scanners, or simple numeric keypads. The Company also noted its system will reduce transaction time with average processing speed of 30 milliseconds. As a credit card or prepaid card the initial market will be consumers with poor to medium credit. For consumers, GratisCard says the new card can aggregate prepaid and credit cards, as well as other loyalty cards so there is only one card to manage. The system can also store other information such as health insurance, auto insurance, medical records and emergency contact information. Also, it can restrict access to sensitive information. Steve Case, founder of AOL, is backing the new company via his investment company, Revolution Inc. Other key executives include: Jason Hogg, President and CEO, founder of MBNA Canada; Dax Cummings, COO, formerly with MBNA; Patrick Graf, CTO, formerly SVP at QI Solutions; and Darren Thompson, CFO, former President and CEO of Avenue Mortgage Corp. Russell Hogg, former CEO of MasterCard, is also on the board.