Amex takes on PayPal with Serve; outs iOS and Android apps
Amex takes on PayPal with Serve; outs iOS and Android apps
Today American Express introduced its new digital payment system called Serve. Serve works similar to PayPal in that it allows users to create an account that can be used for sending or receiving money. Users can access their accounts from American Express’ Serve iOS and Android applications, via the Web, or through Facebook. Serve has two fees, including 2.9% plus $0.30 per load deposited, although this is discounted to 0$ for cash, debit, and ACH. Similarly, there’s a $2 fee on ATM cash withdrawals, although the first withdrawal each month is free. The good news is, American Express is waiving the deposit fee for the next six months. Serve lets users create a master account and you can create sub-accounts for friends or family members. American Express also provides a debit card with each Serve account that can be be used at any ATM or merchant that accepts American Express. “We are working with a range of partners to integrate Serve as a payment method and deliver customized offers, and we will waive most consumer fees for the next six months,” said Dan Schulman, Group President, Enterprise Growth at American Express. Hit the jump for the full release. More →

