American Express Serves Up New Personal Payments System

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American Express branches into the personal payments market with Serve.

 

American Express has moved into the booming personal payments market with the launch of digital payment and commerce platform, Serve. The system allows US customers to conduct transactions and make person-to-person payments online, through both mobiles phones and Amex’s expansive merchant network. American Express will initially trial Serve in the US with an international rollout planned for next year.

Serve combines various payment options into a single account that can be funded from another Serve account or by a bank account, debit or credit card. The system can also be accessed through Facebook and via Android and Apple mobile applications. Serve includes a unique feature which allows users to set up and manage sub-accounts for friends, colleagues and family members.

For the first six months, there will be no charge to open a Serve account, use social network widgets or process P2P transactions.

Dan Sculman, American Express Group President said in a statement:

“We intend to quickly evolve the Serve platform by adding new functionality as we learn from consumer and merchant experiences. To encourage a broad cross-section of people to experience the benefits and convenience of Serve, we are working with a range of partners to integrate Serve as a payment method and deliver customized offers, and we will waive most consumer fees for the next six months.”

Competitor Visa recently attempted to take on PayPal by spearheading its own personal payment system.

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