American Express has launched a new payments
platform that will users to make payments and cash transfers online
and via mobile phones.
Serve, built on technology obtained after
Amex’s acquisition of Revolution Money provides alternative payment
options for internet and mobile phone users.
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Customers can set up accounts through either
the Apple iOS or Android applications, or via various websites
including Facebook. Once set up users can add funds to their
account using their debit cards, credit cards, bank accounts or
other Serve accounts.
Serve also offers the option of creating and
managing sub-accounts for, family members, friends and colleagues,
with the ability to set up spending profiles linked to the master
account.
“We intend to quickly evolve the Serve
platform by adding new features and functionality as we learn from
consumer and merchant experiences.” Said Dan Schulman, group
president of enterprise growth at American Express.
“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 customised offers.”
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By GlobalDataAmex has announced partnerships with various
companies in order to produce brand awareness for Serve, including
a service with Ticketmaster offering Serve as a platform for
customers to make and collect payments toward ticket purchases,
further partners are expected to follow.
Payment fees for Serve will be waived for the
initial 6 months after which a charge of 2.9% + 30c/per load will
be incurred for putting money into a Serve account, this will be
discounted to 0% for cash, debit and ACH.
An ATM cash withdrawal fee of $2.00 will be
charged after more than one cash withdrawal a month.
