American Express Hops On NFC Bandwagon With “Serve”
With all the recent talk about Citigroup and Mastercard joining the Near-Field Communications revolution, American Express has come to join the service. Amex has launched an official financial transactions service called Serve. The technology is currently only available in the United States but is expected to be “served” abroad in the coming year.
According to Yahoo, Dan Schulman, VP of American Express Enterprise Growth said “Serve is a new type of payment platform that isn’t tied to a single card or mobile operating system…We intend to quickly revolve the Serve platform by adding new features and functionality as we learn from consumer and merchant experiences.” Serve applications are currently available to iPhones and Google Android phones.
The neat thing about Serve accounts is that not only can they be tied to bank accounts and payment cards, but they can also send money through peer-to-peer transactions between Serve users. In essence, this would allow you to be in a marketplace at any moment and at anytime. American Express has also made clear that Serve can be used to pay for bills wherever American Express cards are accepted. Serve was built upon the technology from the online financial network, Revolution Money, during American Express’ $300 million acquisition in 2010.