American Express Launches Digital Payments…
less than two weeks after Visa’s announcement that it was launching its own peer-to-peer digital payment system…The credit card company today unveiled Serve, its new digital payment and commerce platform.
Users will be able to send or receive money from their Serve accounts, which can be funded by a bank account, debit or credit card, or by money from another Serve account. With the new AmEx digital payment system, consumers will be able to make payments via the Serve website, via their mobile phones, and with merchants who accept American Express cards. Accounts will be accessible via Android and iPhone apps and through Facebook.
For people who have complained about the costs of using PayPal, consider this good news:
The lack of fees might be a good way to lure new customers, but AmEx says those fees won’t be high after that initial six month period. Customers will be charged for putting money into their Serve accounts – 2/9% plus a $0.30 per load – and will be charged for ATM cash withdrawals – $2 after one free withdrawal per month.
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