Amex serves up a new mobile payment system

The mobile payment market is hotting up as American Express launches a new iPhone and Android payment service.

American Express has launched its first mobile payments platform with a new product called ‘Serve.’ Described by Amex as a “digital payment and commerce platform,” the PayPal-like service will allow consumers to make purchases and person-to-person (P2P) payments online, via mobile phones, and at merchants that accept Amex cards.

Serve is available as an app on both the Apple App store and on the Android Marketplace (and presumably also on Amazon and the other Android markets) and can also be accessed via a dedicated website, and Facebook, there’s also for social media completeness a Twitter account.

As with PayPal the Serve service allows users to add funds directly from bank accounts, debit cards, credit and charge cards, or other Serve accounts.

The new service is based on technology built by Revolution Money, a firm acquired by Amex in 2009 for $200 million and founded by legendary AOL founder Steve Case.

The service is initially available only in the US and is expected to launch in the UK over the coming year.

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