Credit card company creates online service that allows the sending and receiving of funds between people and sellers.

Credit card company American Express has created a new online service that allows the sending and receiving of funds between people and sellers. The service also offers a special Serve card that can be used in ATMs and at certain retailers.

The Serve service can easily be compared to PayPal. It’s a simple and easy payment exchange system like the one the online financial company offers but there are a number of interesting features that could help make Serve go mainstream:

SubAccounts – Let’s a user create connected account with certain amount of money in it and maximum spending limits. It seems to have been created for parents wanting to manage the funds they give to college students – and also for people who want to provide some cash to cover expenses for informal subcontractors like Babysitters.

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