06 December 2016
Visit aciworldwide.com

Amex makes mobile play with Payfone investment and partnership

13 April 2011  |  9733 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  |  11522 views  |  0 comments
Amex cuts 550 jobs

Amex cuts 550 jobs

19 January 2011  |  8679 views  |  0 comments
Amex shells out EUR496m on Loyalty Partner

Amex shells out EUR496m on Loyalty Partner

16 December 2010  |  10365 views  |  0 comments
Payfone raises $11m

Payfone raises $11m

02 August 2010  |  8138 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  |  10985 views  |  0 comments
American Express to acquire Revolution Money

American Express to acquire Revolution Money

18 November 2009  |  11252 views  |  2 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit contisgroup.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6981 views comments | 23 tweets | 24 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
6194 views comments | 23 tweets | 15 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
6107 views comments | 16 tweets | 21 linkedin
Amazon signs up tech firms to financial services cloud programmeAmazon signs up tech firms to financial se...
5934 views comments | 14 tweets | 15 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
5794 views comments | 10 tweets | 20 linkedin

Featured job

Find your next job