The competitive market for online and mobile payments is heating up, with American Express introducing its new Serve commerce platform to U.S. consumers.
Following in the footsteps of rival Visa, American Express this morning announced a digital payment and commerce platform dubbed Serve, enabling U.S. consumers to make purchases and person-to-person payments online, via mobile phones and at AmEx’s network of millions of merchants.
Serve integrates a variety of payment options into a single account that can be funded from a bank account, debit, credit or charge card, or by receiving money from another Serve account. The platform is available immediately to anyone in the U.S. and is expected to launch into other international markets over the coming year.
Initially there will be no fees for person to person transactions, purchasing online widgets, or account opening.
After that period, it will cost 2.9% + 30c/per load to put money into Serve accounts (discounted to 0% for cash, debit and ACH) and $2.00 for ATM cash withdrawals.
The technology behind Serve is attributed to American Express’s purchase of Revolution Money last year.
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