The group is launching Amex Send and Split, a tool that enables eligible American Express cardholders to split purchases with and send money to Venmo and PayPal users directly from the Amex app.
The send feature enables cardholders to send money via Amex to their friends on PayPal or Venmo. Users can make transfers in real time using their spend balance within the app or by paying with their Amex credit card balance.
With the split purchases feature, cardholders can select any pending or posted purchases to split with other PayPal or Venmo customers. Customers will receive payment as a statement credit on their Amex card.
The general terms of the money transfer and purchase splitting capabilities aren’t too compelling. Since all parties to the transaction need to be existing PayPal or Venmo users, there is not much incentive for them to conduct their P2P money transfer activities in the Amex app.
The one outstanding benefit to the new co-branded launch, however, is that when users send money and split purchases within the Amex app they can do so using their available credit. While they can also do this within PayPal and Venmo, there may be extra friction involved for the user to add their card details.