American Express and Payfone are developing a new online payment system.

The company American Express decided to pay special attention to such a less competitive area as mobile payment systems. For example, last year American Express bought the Revolution Money service, which developed the Serve technology already as part of American Express. This technology of digital payments allows customers to make purchases, withdraw money from ATMs and transfer funds using various payment systems. In a sense, Serve is similar to PayPal, but only partially, being a more versatile system.

Now, American Express has invested about $ 19 million in the developer of mobile payment solutions, a startup Payfone. This company also received investments from partners such as Verizon Investments and Rogers Communications. Currently, American Express, in partnership with Payfone, is developing a mobile shopping platform on the Web.
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It is reported that the new system will be built on the basis of Serve, and purchases can be paid either with money from your own mobile phone account or with money from your Serve account. To use the new system, the client will need to “tie” his mobile phone to this payment system, after which the end user receives a wide range of opportunities to pay for goods or services on the Web.

Generally speaking, now many companies are trying to create such payment systems, but the problem is that mobile operators do not want to be satisfied with 1-2% from each transaction, some require significant interest, up to 40% of the amount of each transaction. It is clear that in this case there is little what the payment system can become popular.

Via intomobile + Cnet