American Express recently introduced new money management capabilities, as well as a cash load feature, to its Serve reloadable prepaid account offering.
Using Serve, consumers can direct deposit funds, pay bills, upload checks via a mobile app, as well we reserve money for future expenses, according to a company press release.
The new features were added to better address the wants and needs of approximately 70 million Americans who are “underserved by traditional financial services,” said Stefan Happ, SVP and GM of U.S. Payment Options at American Express, in an interview with Retail TouchPoints. “There’s a real opportunity for businesses like American Express to provide inclusive financial services to a very large underserved consumer group. That’s the core of our offering; it allows us to serve more consumers and its an opportunity for them to interact with us.”
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Through a new cash load network, which includes CVS/pharmacy and 7-Eleven stores nationwide, consumers also can upload funds to their Serve accounts by simply swiping their cards at the point of sale.
Retailer partnerships are “crucial in helping us get to consumers,” Happ explained. “It’s such an interesting marriage between retailers’ objectives, which is to provide better service to customers and get them to come back to stores, and our primary objective, which is to increase adoption of Serve.”
By the end of 2013, American Express Serve card will be available at approximately 20,000 CVS/pharmacy, Duane Reade, Family Dollar, 7-Eleven and Walgreens stores. The offering is being promoted using branded advertising at store turnstiles by the point of sale. Once consumers purchase Serve, they are encouraged to connect with American Express representatives via phone, mobile app or the web to receive detailed education on all features and capabilities.
