AmEx serves up value for college students

In a move targeted at the generation Y consumer demographic, American Express Co. teamed with student textbook provider Chegg Inc. to allow college students to receive textbook refunds loaded onto AmEx's digital prepaid account program, called Serve. Chegg, which connects students online to help for homework and access to scholarships, e-textbooks and physical textbooks, now allows students to have refunds from its textbook buyback program loaded into Serve digital accounts.

To get refunded for textbooks originally sold through Chegg, students agree online to quotes of the textbooks' value and then are given the option of signing up for Serve via the Chegg website to have those funds deposited into newly created Serve accounts. While Serve is marketed primarily as a digital prepaid account accessed via mobile phones, general purpose reloadable prepaid cards will be shipped to students.

Chegg said its integration with Serve "provides American Express an authentic connection to this important and influential audience of 18 to 24 year olds."

Serve was launched in March 2011, when AmEx touted its person-to-person money transfer, bill payment and alternative online payment account capabilities. The Serve platform is based on technology AmEx acquired when it purchased Revolution Money in 2010. Revolution Money was owned by investment firm Revolution LLC, founded by AOL cofounder Steve Case.

An AmEx spokesman said that Bluebird, another of AmEx's alternative financial products available via Wal-Mart Stores Inc. locations, runs on the Serve platform. Compared with Serve, Bluebird is marketed to older demographics, the spokesman noted.

Editorial Note:

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