When it comes to the e-wallet market, only one name really holds weight: PayPal. The eBay-owned e-commerce company is the go-to platform for p2p payments, and for sending and receiving money on the Net. According to Bloomberg, American Express hopes to change all that with its new service, ServeSM.
Launched this morning, ServeSM, A digital payment and commerce platform, will give consumers the ability to spend, send, and receive money on the Internet just like PayPal. Users can also use their Serve account to buy goods at the many online stores and merchants that accept American Express. Also, like PayPal, users won't need to enter credit card info or mailing address when purchasing goods online. But that's not all.
Looking to bridge the gap between online and offline payments, Serve customers will be issued a refillable prepaid card linked to their Serve account that can be used like a regular debit or credit card.
Serve accounts can be opened and managed at Serve.com or through the free iPhone and Android apps (BlackBerry app coming later this year). Money can be transferred to the account from any of your back or credit card accounts. A cool feature is the ability to create sub-accounts within the main Serve account that can store funds for various purposes.
If you sign up, American Express will waive the all fees for the first six months, after that it will take 2.9% of each transaction plus 30 cents, which according to an AmEx spokesperson is on par with PayPal's fees. On the up side, using a debit card or checking account to fund your Serve account is free of charge.
AmEx's goal is to make your money available to you anytime and anywhere you need it, all in one place. A true virtual wallet.
Head over to Serve.com to learn more.