26 April 2017
Find out more

Amex makes mobile play with Payfone investment and partnership

13 April 2011  |  9841 views  |  0 Iphone screen close up

American Express has joined a $19 million funding round for m-payments outfit Payfone and formed an alliance with the start-up to build a mobile checkout service.

New York-based Payfone offers a checkout and in-app payments service that lets users purchase digital and physical goods using their mobile phone number.

In its latest funding round, the firm has raised $19 million, with American Express joining as the largest strategic investor. Verizon Investments, Rogers Communications and existing investors Opus Capital, BlackBerry Partners Fund and RRE Ventures also participated. The money will be used to support expansion across North America, Emea, Latin America and Asia.

Payfone is also working with Amex to combine its authorisation and payment services with the card giant's recently launched digital payments platform, Serve.

Based on the Revolution Money P2P payments platform Amex acquired last year, Serve was unveiled last month, enabling users to buy goods and make person-to-person transfers online and through mobile phones. The Payfone partnership will let consumers link their mobile phone numbers to various payment methods and then use it to make online purchases.

Rodger Desai, CEO, Payfone, says: "Over 5 billion people worldwide currently have mobile phones, however less than 2 billion have credit cards. It's our goal to make the mobile phone number the new accepted way to pay."

Dan Schulman, group president, enterprise growth, American Express, adds: "The alliance is an important next step for the international roll out of Serve. We look forward to working with Payfone as we evolve the Serve platform to provide the most advanced payment solutions for buyers and sellers, while setting new standards in security, simplicity and reliability."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

American Express to offer merchant discounts via Foursquare

American Express to offer merchant discounts via Foursquare

07 March 2011  |  11659 views  |  0 comments
Amex cuts 550 jobs

Amex cuts 550 jobs

19 January 2011  |  8772 views  |  0 comments
Amex shells out EUR496m on Loyalty Partner

Amex shells out EUR496m on Loyalty Partner

16 December 2010  |  10486 views  |  0 comments
Payfone raises $11m

Payfone raises $11m

02 August 2010  |  8227 views  |  0 comments
AmEx hires Sprint's Schulman to drive mobile and online business

AmEx hires Sprint's Schulman to drive mobile and online business

22 July 2010  |  11083 views  |  0 comments
American Express to acquire Revolution Money

American Express to acquire Revolution Money

18 November 2009  |  11366 views  |  2 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit capgemini.comvisit dh.com

Top topics

Most viewed Most shared
hands typing furiouslyDoes the Buck Stop with GameStop?
15860 views 0 | 3 tweets | 14 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11604 views comments | 31 tweets | 20 linkedin
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
10588 views 0 | 7 tweets | 7 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9806 views comments | 35 tweets | 38 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
8885 views comments | 14 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job