To keep up with trends in electronic payments, American Express Co. is buying Revolution Money for about $300 million.
Revolution Money provides payments authorized at checkout counters with a PIN number, reducing identity theft risks by using no name, signature or account number. The two-year-old start up also offers Money Exchange, a person-to-person service to send and receive money among friends and family as well as between people using social and instant messaging networks.
Acquiring Revolution Money is one step in expanding our reach in emerging payments, and one of the many we expect to take, but an important one," said American Express Chairman and CEO Kenneth Chenault.
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