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Mobile Payment News: AmEx in the Mix...

Tue Mar 29, 2011 - 5:32 PM EDT - By Annie Latham

American Express has just introduced an online and mobile payment platform called Serve-- throwing its hat into a ring that includes Visa and PayPal.

Serve is a prepaid electronic wallet that can be funded by linking with a checking account, debit card or credit card. Available immediately, Serve customers can send money to each other through smartphones, shop online and receive plastic cards for use at bricks-and-mortar retailers that accept American Express.

AmEx is embracing Serve as a way to broaden their reach to consumers who tend to use their debit card or checking account for payments.

Presently, there is a Serve app for the iPhone, iPad and Android-based smartphones.

A key selling point is Serve lets customers shop online without being required to enter payment credentials, such as a credit-card number and mailing address, each time. They also will be able to send money person- to-person in the U.S. by entering a personal-identification number and recipient's e-mail address.

Check out the Bloomberg News story to get the full scoop.


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