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American Express Co.'s latest play at the less affluent, its nearly fee-free prepaid card, looks less complementary to its digital wallet, Serve, and more cannibalistic.
June 20 -
American Express Co. is making its boldest move yet in the prepaid market by introducing a reloadable card that carries almost no fees.
June 13
American Express Co., which has been developing prepaid and digital payment options to expand its audience, has added yet another product: an online-only gift card.
The non-reloadable eGift Card is intended to be used solely online – the New York company does not offer a plastic card to go with it.
Amex launched a more flexible digital payment product in March called Serve, which can be paired with a plastic card for point of sale payments. Serve is meant to attract a broader audience than Amex reaches with its credit cards, which are typically marketed as high-end products.
In June, Amex began offering a low-fee prepaid card to further broaden its appeal to the masses.
The eGift card, announced Tuesday, "satisf[ies] a growing need among consumers," Stefan Happ, senior vice president and general manager of the Americas for Amex's global payment options, said in a press release.
The eGift Card costs $2.95 and can be purchased in values from $25 to $200. It is delivered to the recipient by email.
