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BUSINESS BRIEFING : FINANCIAL SERVICES

AmEx to buy payment firm

November 19, 2009|Times Wire Reports

American Express Co. is buying Revolution Money for about $300 million to keep up with trends in electronic payments.

The deal pairs American Express, a credit card provider tracing its roots to 1850, with a 4-year-old start-up.

Revolution Money, based in St. Petersburg, Fla., offers payments authorized at checkout counters with a personal identification number. About 1 million merchants participate in the service.

Revolution also offers MoneyExchange, a person-to-person service to send and receive money.

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