American Express has announced a new service called 'Serve' that will be a competitor to PayPal.

Source(TechCrunch): After Visa, American Express Takes On PayPal With Digital Payments Platform

Excerpts from source:

The platform is available immediately to anyone in the U.S. and is expected to launch into other international markets over the coming year.
can be funded from a bank account, debit, credit or charge card, or by receiving money from another Serve account.
American Express has released mobile applications for iOS and Android. Serve accounts can also be accessed through Facebook.
in the first six months Serve will charge no fees to open an account. After that period, it will cost 2.9% + 30c/per load to put money into Serve accounts
What do you guys think??