New York – American Express (NYSE: AXP) on Monday introduced Serve, a
new digital payment and commerce platform that consumers can use to spend, send
and receive money. The Serve platform works across online, mobile and at brick-and-mortar
merchants who accept American Express cards, and allows users to fund Serve
accounts via a bank account, debit, credit or via another Serve account.
can also create sub-accounts and specify where funds may be spent, for such
instances as children or small businesses.
For the first six months, American
Express is waiving fees for Serve, after which time the company will collect 30
cents per load and a 2.9% fee for each transaction where a user deposits money
in a Serve account; ATM transactions will cost $2 each.
Launch partners for
Serve include Ticketmaster, Concur and Flipswap.
American Express acquired
Revolution Money, which is providing the technology that powers Serve, earlier
Rival Visa signaled its own intention to tap the online payments
market more aggressively when it acquired PlaySpan for $190 million in