American Express and Isis announced on Thursday they will introduce American Express Serve to every Isis Mobile Wallet as part of a nationwide launch slated for later in the year.
With the addition of American Express Serve to the wallet, customers can pay bills online and send money to family and friends, as well as add cash to their account using an existing bank account or debit card.
“Linking the platforms will allow millions of people to conveniently and inexpensively manage and move their money,” Dan Schulman, AmEx’s group president of enterprise growth, said. “From the palm of your hand, consumers including those without access to traditional bank accounts or credit can have access to everyday financial services. And our combined solution works in today’s retail environment, and in the emerging ‘tap to pay’ point of sale ecosystem.”
The FDIC estimates that nearly 70 million Americans are unbanked or lack access to credit, forcing many to rely on expensive bill-pay and money transfer services. The integration of AmEx Serve and Isis Mobile Wallet will provide a low-cost alternative to traditional banking services.
“Our relationship with American Express Serve underscores our mutual commitment to providing consumers with choice and value in mobile payments,” Isis CEO Michael Abbott said. “We learned through our pilot that customers love the convenience of tap and pay with the ability to manage their payments and loyalty programs from one app. By adding American Express Serve to the Isis Wallet, we can immediately provide millions of consumers the opportunity to participate in mobile commerce as we continue to enrich the consumer experience.”