March 2, 2012
Serve, American Express’ digital payments platform, this week unveiled a Facebook application that enables P2P payments within Facebook. The Serve app is currently the only application available on Facebook that allows friends to send, request and receive payments in a few clicks, according to American Express.
“We’re constantly working to bring our customers a seamless and consistent payment experience—one that makes sense for our increasingly social lives, whether that’s paying a friend back for movie tickets or sending someone money for your share of the vacation house—it can now be sent on Facebook,” said Dan Schulman, group president, enterprise growth, American Express.
To send money using the Serve Facebook app, users choose a friend to send money to, enter the dollar amount and click the send button. Facebook friends automatically are populated directly into the app’s interface. Once completed, a message is immediately posted to the recipient’s Facebook wall providing directions on where to collect their money or to sign up for Serve. It’s free to send and receive funds via the Serve app. Recipients must sign up for a Serve account to access their funds, Charlotte Fuller, an American Express spokesperson, tells Paybefore.
“The sign-up process for Serve is simple, and there are many ways you can use the money once you have an account,” she says, noting that consumers can link a bank account, debit card and/or any credit card (Visa, MasterCard, Amex, Discover) to a Serve account and then transfer the money directly to that funding source. There are no fees attached to any of these transactions. Or, consumers can use a Serve prepaid card to spend the money anywhere American Express is accepted. After signing up for Serve, customers get a prepaid card in the mail that can be used to access money in their accounts, Fuller notes. After one free ATM withdrawal per month, cardholders would have to pay a $2 fee for subsequent ATM withdrawals but use is free online and at the POS.