American Express and Verizon to launch mobile payment platform

As part of the continuing expansion of both payment processing networks and cellphone service providers into the mobile purchase market, two major names recently teamed to launch a new platform.

American Express and Verizon Wireless recently launched a new program that will allow consumers to take on credit card debt using their smartphones in a new way, according to a report from the tech news site CNET. With the American Express Serve program, consumers will be able to make online purchases through their smartphone or tablet device by entering their phone number, rather than their credit card information.

Verizon in particular has been quite active in attempting to develop new mobile payment strategies and foster adoption, the report said. It has already reached similar accords with a number of companies, including its top two competitors in the phone service industry, in an effort to expand its presence in the burgeoning market.

However, many consumers are wary about mobile purchases, not just because they have likely worked to reduce debt over the last several months, but also as a result of security concerns.