Skip to comments.American Express dives into mobile payments with Serve
Posted on 03/28/2011 11:17:01 PM PDT by smokingfrog
NEW YORK (CNNMoney) -- American Express is diving into the e-wallet space with Serve, a service that lets customers transfer money to others online and make payments with their mobile phones.
In its announcement Monday, AmEx said Serve is aimed at customers who use cash, checks and debit cards, rather than the company's traditional credit card users.
Serve accounts will be available immediately in the U.S. and are expected to launch internationally over the coming year.
Mobile payments are a new direction for AmEx as it tries to get a toehold in a rapidly growing market. Research firm Generator Research expects mobile payments to reach $633 billion annually by 2014, with 490 million customers using them.
AmEx's Serve is meant to capture some of that burgeoning market. It also puts the bank squarely in competition with e-payment king PayPal. Serve grew out of technology AmEx picked up last year through its $300 million acquisition of Revolution Money, a PayPal rival that focused on person-to-person payments.
(Excerpt) Read more at money.cnn.com ...
That tech would be very cool...but android is still not a big part of the market, hopefully it will work and the iPhone will follow.
And then for security/theft....then what?
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