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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