Like PayPal, Serve can be used to make purchases and person-to-person transactions online, as well as at merchants that accept American Express cards and via mobile devices. Serve accounts can be funded by debit, credit, charge card, bank account or transfers from other Serve members.
AMEX is offering apps for iOS and Android and says the service will also be accessible through Facebook. American Express explains the set-up process in a statement:
Consumers set up an online account at Serve.com or through a smartphone app. Funds can be added from bank accounts, debit cards, credit and charge cards, or other Serve accounts. Customers can use those accounts to send and receive money to friends, pay bills and make purchases online. Serv e bridges online and offline commerce — each customer will be issued a Serve reloadable prepaid card linked to their Serve account that can be used at any merchant or ATM that accepts American Express cards.
Serve is available immediately now to anyone in the U.S., and American Express says it plans to launch in other international markets in the coming year.
Because Serve is going after a very established market player, American Express is waiving its consumer fees for the first six months. Afterward, these fees will be:
- Putting money into a Serve account — 2.9% plus 30 cents per load, discounted to 0% for cash, debit and ACH
- ATM cash withdrawal — One free each month, then $2.00
Taking on PayPal
Serve isn’t the first product designed to compete with PayPal, however it might be the most expansive. By focusing on digital, mobile and point of sale, Serve is clearly hopi ng to make a big play at...
