Boston, MA 05/09/2014 (wallstreetpr) – American express Company (NYSE:AXP) continues with an expansion into the wealth spectrum by providing banking products without physical branches, at highly affordable prices. This strategy has already become more appealing to people who do not wish to pay any banking fees. The company has now launched its full service reloadable prepaid account, American Express Serve that will be available for purchase in 4,100 Wal-Mart Stores, Inc. (NYSE:WMT) stores countrywide.
Users to Deposit Paychecks for Free
Walmart stores that will house the card will become part of the reloading network. The service will allow customers to add cash to their account for free. The new service follows ‘Bluebird’ card that was launched in 2012 in partnership with Walmart and went on to generate up to one million accounts in the first year. The new American Express Serve is sure to expand the company’s portfolio of products to meet the ever increasing needs of Walmart shoppers.
With Serve, American express Company (NYSE:AXP) is all set to provide reliable service for up to 70 million Americans who are unbanked or underbanked. American express Serve will consequently be available along Bluebird in most of Walmart Stores going for $1.95 in the prepaid section of checkout lanes
For as little as $1 a month Serve will offer customers the ability to deposit their paycheck for free, pay bills online and add checks to their account. The $1 monthly fee will also be waived on customers who use direct deposits to add money to their accounts or add as little as $500 during a monthly statement period.
American express Profit Rise as Sales Drop
The launch of the new card follows American express Company (NYSE:AXP)’s first quarter earnings that rose as a result of stringent expense control measures and high revenues. American express profit for the quarter consequently surged to $1.43 billion up from $1.28 billion reported the prior year. This was as a result of the company focusing on attracting new merchants and customers.