The battle for the next-generations payment systems—electronics wallets—is heating up with a new scheme called Serve from American Express.

The new service allows consumers to open an online payment account linked to personal checking accounts, debit cards or credit cards. With a Serve account, members will be able to pay for online purchases and web auctions or send each other money without the need to submitting banking account or card information every time.

Like the rivaling electronic payment system from PayPal and Visa, Serve accounts can be accessed from any personal computer or iPhone and Android smart phone equipped with a Serve app. American Express will also send out special plastic credit cards to Serve members, allowing them to use their accounts at any physical retail outlet that accepts American Express credit cards.

Serve, say financial analysts, allows AmEx to offer a payment option based on checking and debit accounts, which the company doesn't offer since it lacks a network of bank branches, such as JP Morgan Chase and Wells Fargo. More importantly, the move to offer an electronic payment system may be a move to prepare the company—the third-largest payment network globally—to compete against developing mobile phone payment systems. Google recently announced, for example, that it has teamed with Mastercard and Citigroup for its smart phone payment system reported to begin testing soon.

Consumer Reports Money experts have written about the dark secrets of debit accounts and the dangers of banking with your cell phone. Read our tips on how to protect your smart phone as well as the 10 common financial scams consumers need to be aware of and the red flags to spot them.

AmEx Pushing Expansion Challenges Visa, PayPal With E-Wallets [Bloomberg]
American Express Announces Serve, the Next Generation Digital Payment Platform [American Express]
Google Sets Role in Mobile Payment [Wall Street Journal]
Report: Google one step closer to mobile payments [CNet]