AmEx Takes on Visa, MasterCard, PayPal With E-Wallet Offer
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American Express Co., the world’s biggest credit-card issuer by purchases, introduced a payment system for smartphones and computers that competes with Visa Inc., MasterCard Inc. and PayPal Inc.
Serve, as it’s called, is a prepaid electronic wallet that can be funded by linking with a checking account, debit card or credit card, said Dan Schulman, group president of enterprise growth at New York-based AmEx. Starting today, Serve customers may send money to each other through smartphones, shop online and receive plastic cards for use at bricks-and-mortar retailers that accept American Express.