American Express Co. confirmed that it will shut down its prepaid health-care card unit at yearend.
"The level of investment needed to take this business to the next level is very significant, and the market is moving more slowly than we anticipated," Molly Faust, an Amex spokeswoman, said in an interview Friday.
The New York company has notified its health insurance partners, WellPoint Inc. and Cigna Corp., of its plans to shutter the HealthPay Plus unit, she said; Amex told employees last week.
Ms. Faust would not say how many health-care cards the unit has issued.
