American Express Expands Its Serve Prepaid Card to Walmart (Forbes)
The following article comes from Forbes (thanks for the heads up Addie):
Amex, best known for high-end cards such as its Platinum and Black, is continuing an expansion in thee opposition end of the wealth spectrum to provide banking products without physical branches at prices that appeal to people who don’t want to pay bank fees.
The company today announced its full service reloadable prepaid account, American Express Serve, will be available for purchase at 4,100 Walmart stores nationwide. These Walmart stores will also become a part of Serve’s free cash reloading network. This means Serve customers can now add cash to their Account for free across 19,500 U.S. Walmart, CVS/pharmacy, and participating 7-ELEVEN locations.
Amex in 2012 teamed up with Walmart to offer a Bluebird card which generated more than one million accounts in its first year.
“By offering American Express Serve alongside Bluebird at Walmart, we’re expanding our portfolio of products to meet the needs of more Walmart shoppers,” said Dan Schulman, group president of enterprise growth at American Express. “Bluebird is a great option for the ‘unhappily banked’ who are looking for a true alternative to the fees and hidden charges often associated with debit and checking. With Serve, our full service reloadable prepaid account, we can now provide the nearly 70 million Americans who are unbanked or underbanked a simple and affordable way to move and manage their money.”
You can read the whole article here. I’ll share my thoughts later tonight. Have a great day everyone.