AmEx Next to Offer Mobile Peer-to-Peer Payments
American Express today announced a new digital payment system meant to make it easier for people to send one another money. The new system, called Serve, is initially being targeted at those who rely on cash, checking accounts, and debit cards to make most purchases. Serve can be accessed from a new application for iPhones and Android devices, as well as Facebook. Once users set up a Serve account, it can be funded from bank accounts, debit cards, credit and charge cards, or other Serve accounts. It can then be used to send/receive money to/from people, make online purchases, and also pay bills. American Express will send a Serve prepaid (but reloadable) Serve card linked to the user's account, which can be used anywhere American Express cards are accepted. Serve also lets users create and manage sub-accounts for more controlled spending. Serve is available in the U.S. to start, but will expand to other markets and gain more features over time.
I'm not seeing it's target market..