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American express now investing in payfone

2011-04-24

One of the major credit card lenders in the United States, in all probability may announce on Wednesday, their plans to invest in Payfone, which is one of the mobile phone payment companies. With over $19 million in the form of investment, American Express will lead the pack of investors. In addition to American Express, other companies such as RIM and Verizon Communications have also revealed their interests in investing in Payfone.

With this move, American Express will move away from its age old practice of linking all its new services to the credit cards it issues. An American Express payment platform will be used by Payfone to provide customers with a digital account that will be linked either to their prepaid card or credit card. The prepaid or credit cards linked to this digital account need not be limited to just the ones that are issued by American Express. Cards issued by other banks and credit unions can be linked to this digital account as well. Customers who prefer the concept of “on the go” payments can link a distinct cell phone number to their payment account.

The platform that is going to be used by Payfone was recently purchased by American Express at the same time it purchased Revolution Money, another alternate payments provider. The name of the base platform is “Serve” and can be put to use all over the world since credit cards issued by any credit card lender can be linked to the digital account.

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[Sunday, December 18, 2011]
Chase Bank recently announced the redesign of its Visa credit cards - allowing more space on the front for the Chase logo. This new design is in trial mode currently but Visa has pans to roll out its new design to other financial institutions in order to increase the branding and logo visibility of the individual issuing banks.
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[Friday, October 28, 2011]
Debit and credit: they`re both plastic, why not consolidate them? The Cinncinati-based Fifth Third Bank, is the first to offer the DuoMasterCard which consolidates both a checking and a credit card account into one card.
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[Wednesday, September 21, 2011]
It really pays when you do the right thing. Take credit cards for instance, having a clean credit profile really does help. Those who managed to maintain a squeaky clean credit report during the recession can now jump with joy, as they will get some of the best deals from credit card issuers.
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