Friday, April 6, 2012
In the coming months, Verizon Wireless customers will be able to make payments for goods and other transactions using their smartphone via Amercan Express' Serve
According to a recent article in Venture Beat Online Magazine,American Express has teamed up with Verizon Wireless to support the credit card company's digital wallet platform- Serve. American Express also announced a similar venture recently with Sprint.
With Serve, American Express hopes to reach new markets of consumers who are comfortable with technology but don't use traditional credit cards. Serve also allows customers to create sub-accounts for spouses and children That allows parents to specify how much money can be spent and what it can be spent on! I'm kind of glad this technology didn't exist when I first came to college... This could put an end to "parent-sponsored" beer runs!
To read this article visit:
http://venturebeat.com/2011/08/01/american-express-teams-up-with-verizon-wireless-on-serve-digital-payment-accounts/
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I feel like this technology is going to need a lot of work. when you check your bank statements online your purchases show up as a dollar amount and then the location. if this technology was available it would have to list every product that you bought. could end up being a pain to go through all the items and limit what you would allow your kids to buy or not...
ReplyDeleteI like this because it is convenient. I always carry a purse or a wallet and this is going to enable me to carry less and be more organized. It is also safer then carrying cash or a card around. It also has a limit for me to set if I let someone else use it and it is pretty neat.
ReplyDeleteI think it is a great idea but I have a feeling it will flop. The target market is not big enough to set this platform apart from others in my opinion. I'm already not a fan of mobile payments and I believe this will have issues. My guess is there will be numerous problems with the software blocking and allowing the wrong items.
ReplyDeletePersonally, I think this is an good techonology and it's convenient, and this techonology allow parents to specify the amount of money which their children could spend is a good way to provent their children from wasting money, such as purchasing a lot of useless things. However, the market of this techonology is not that big. The people who are not good at dealing with this kind of new technology may have more probability to make mistakes on making payments by using this new technology than using the traditional credit cards.
ReplyDeleteI like the convenient part of it, but how secured is it?
ReplyDelete