Verizon Wireless to install AmEx payment app on phones

New York City -- A Monday report by the Associated Press said that Verizon Wireless will install apps for American Express Co.'s new online payment service, Serve, on its phones and tablets.

Terms of the agreement between Verizon Wireless and American Express have not been revealed. Verizon’s Serve online payment service is based on pre-funded accounts, and it enables online transactions without entering a credit card number.