AmEx Backs Payfone’s Mobile Check-Out System

4/15/11Follow @arleneweintraub

American Express (NYSE: AXP) is teaming up with New York-based Payfone to create a mobile payment processing service, according to a press release. The two companies plan to combine Payfone’s mobile authorization system with AmEx’s new digital payments platform, called Serve. This will allow consumers to pay for online purchases using their cell phone numbers. Payfone also announced that it closed a $19 million funding round that includes investments from AmEx, Verizon, Rogers Communications, Opus Capital, BlackBerry Partners Fund, and RRE Ventures.

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