American Express, Verizon Investments and Rogers Ventures Advance Mobile Payments Industry with Investment in Payfone

Payfone attracts $19M investment to close one of the largest funding rounds in the mobile payments market-to-date

NEW YORK, April 13, 2011 - Payfone (www.payfone.com), a leading provider of mobile payments,
today announced the closing of its $19 million strategic funding round,
making it one of the largest mobile payments funding rounds to date. American
Express is the largest strategic investor in this round of funding, with
additional investment from Verizon Investments Inc. (assisted by Verizon
Ventures), Rogers Ventures and from existing investors Opus Capital,
BlackBerry Partners Fund and RRE Ventures. Payfone's new funds will be used
to continue innovations in its market approach and to support its global
expansion across North America, EMEA, Latin America and Asia.

"The payments industry is going through a fundamental transformation,
with the move to digital payments becoming the primary driver. Payfone is
well positioned to lead the next wave of innovation in mobile payments and
commerce and we look forward to working with the Payfone leadership team to
evolve Serve, our new digital payments platform, to provide the most flexible
and secure payment solutions for buyers and sellers," said Dan Schulman,
Group President, Enterprise Growth, American Express.

Founded by industry veteran Rodger Desai in 2008, Payfone is the
culmination of over 50 years of combined payment processing, telco, and web
2.0 expertise. Payfone is unique in leveraging the existing assets of mobile
operators, such as the global SS7 signaling network for directly connected
payment authorization and processing. This approach distinguishes Payfone
from other competitors.

Payfone was created to challenge conventional thinking and radically
change the mobile payment paradigm. Over 5 billion people worldwide currently
have mobile phones, while less than 2 billion have credit cards. Payfone's
goal is to make the mobile phone number the accepted way to pay, opening up
payment options to the non-credit card world and bridging the gap in emerging
markets.

"Strategic investment from major operator players like Verizon
Investments Inc. and Rogers Ventures, as well as backing from a prestigious
financial institution like American Express is not only a testament to our
unique approach, but it also demonstrates our industrial strength offering,"
said Rodger Desai, Co-Founder and Chief Executive Officer, Payfone. "Mobile
payments will form a major cornerstone in operator and merchant digital
payment strategies moving forward. We look forward to enabling operators to
participate in the transaction flow and benefit from an entirely new revenue
source, while driving home our own mission to make the mobile phone number
the accepted way to pay."

Through Payfone's simple and secure checkout and in-app payments service,
consumers can purchase digital and physical goods using their mobile phone
number. With this unique approach to mobile payments, operators and merchants
are able to complete transactions more securely and accurately, reducing
fraud and risk and generating more revenue. For consumers it means greater
choice and a simple, safe and secure credit card-like purchasing experience
via mobile and online.

Unlike other market players, Payfone leverages the security already built
into the mobile operator network for mobile payment processing. This deep
network access allows for the authorization of credit card, debit and mobile
operator billed payments, dramatically reducing fraud, charge-backs and
identity theft.

About American Express

American Express is a global services company, providing customers with
access to products, insights and experiences that enrich lives and build
business success. Learn more at www.americanexpress.com and connect
with us on www.facebook.com/americanexpress,
www.twitter.com/americanexpress and
www.youtube.com/americanexpress.

American Express recently launched Serve, a next generation payments
platform designed to deliver emerging payments and services to address the
changing ways consumers interact and exchange money — with one another — as
well as merchants. Learn more at www.serve.com and connect with us on
www.facebook.com/paywithserve and www.twitter.com/serve.

About Verizon Ventures

Verizon Ventures seeks out promising entrepreneurial companies to drive
innovation in Verizon Communications Inc. (NYSE, NASDAQ: VZ). Verizon
Ventures' focuses on new products, technologies, applications and services
that complement Verizon networks, service platforms and distribution
channels.

About Rogers Ventures

Rogers Ventures is the venture capital arm of Rogers Communications. Its
mandate is to invest in broadband enabled wire-line and wireless companies
with a focus on mobile finance, machine-to-machine, cloud computing, and
mobile advertising. For more information visit www.rogersventures.com.

About Payfone

Payfone authorizes and processes mobile payment transactions for the
world's best known application stores and merchants. Payfone's unique ability
to leverage the mobile operator network to directly authorize and process
payments drives higher sales conversion and revenue yield for merchants and
mobile operators, while managing fraud and revenue leakage. As a result,
consumers benefit with a wide choice in payment methods and the best user
experience. Additional information is available at www.payfone.com and
www.twitter.com/payfone.

Cautionary Note Regarding Forward-looking Statements

This press release includes forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, which are subject to
risks and uncertainties. The forward-looking statements contain words such as
"believe," "expect," "anticipate," "optimistic," "intend," "plan," "aim,"
"will," "may," "should," "could," "would," "likely," and similar expressions.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made. None of
Payfone, American Express, Verizon Investments or Rogers Ventures undertake
any obligation to update or revise any forward-looking statements. Factors
that could cause actual results to differ materially from these
forward-looking statements, include, but are not limited to, the willingness
of consumers to use mobile payments technologies instead of competing payment
products and their satisfaction with the operability, fee structure and other
features of Payfone's and Serve's products; and the success of Payfone in
developing relationships with telecommunication carriers, both in and outside
the U.S., and the integration of Serve as a payment method for their mobile
customers.

Jennifer Moranz, Payfone, +1-415-278-1727, jmoranz at payfone.com; Jaime Tero, onechocolate communications for Payfone, +1-415-989-9803, +1-415-755-8639, jaimet at onechocolatecomms.com; American Express, Sarah Meron, +1-212-640-5503, sarah.b.meron at aexp.com, Joanna Lambert, +1-212-640-9668, joanna.g.lambert at aexp.com