March 28, 2011 06:55 pm EDT

American Express challenges PayPal with 'Serve' digital payment platform

American Express may have been lagging a bit behind the likes of Visa and Mastercard with digital payments over the years, but it's making a pretty big play in the field today. It's just announced its new "Serve" digital payment platform, which is more or less a straight-on competitor to PayPal. That means you'll be able to transfer funds to your Serve account from your bank account or credit card, send money to others using either the website or mobile app (currently available for iOS and Android), and even link your account to a reloadable Serve card, which you can use at any retailer that accepts American Express credit cards. Nothing fancy like NFC payments just yet, but American Express is promising to "quickly evolve" the platform by adding new features and functionality, and it's hoping to kick start things by waiving most of the consumer fees for the first six months. Head on past the break for the complete press release, and hit up the source link below if you'd like to sign up.

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American Express challenges PayPal with 'Serve' digital payment platform originally appeared on Engadget on Mon, 28 Mar 2011 14:55:00 EDT. Please see our terms for use of feeds.

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Original Link: http://www.engadget.com/2011/03/28/american-express-challenges-paypal-with-serve-digital-payment/

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