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In its press release today American Express revealed explicitly that its new $100 million Digital Commerce Investment Initiative was destined to fund "early stage startups to facilitate the company's digital transformation."

Amex's Dan Schulman, Group President Enterprise Growth, spoke to Fast Company to explain the move: As far as saying that the credit card is going to evolve, Schulman noted, "It goes even further than that. Our view of the world is that all of commerce is being redefined as the world moves somewhat rapidly into the advent of smartphones and mobile payments and the digitization of information across the entire commerce lifecycle." This quick change, covered by many a column-inch in the media over recent months, means that the areas where Amex "traditionally added value between merchants and consumers" is going to "fundamentally change" and payments will only be "one part of that."

Where traditional credit card transactions were all about giving the merchant a secure and authenticated copy of those all-important 16 raised silver numbers on the face of your card, technological developments like NFC, smartphone payments and even innovations like Square and Google Wallet show that there's scope for a much richer interaction to go on at the moment of payment--something that's never been possible before.

Recently, American Express has been pushing its own internal digital commerce initiatives including the company’s digital wallet, Serve. Serve integrates a variety of payment options into a single account that can be funded from a bank account, debit, credit or charge card. AmEx also announced a number of recent partnerships in the payments space include Foursquare, Facebook and even Zynga for personalized deals. But today, the financial company is reaching beyond its own internal payments projects to launch a $100 million fund to invest in startups and companies in the digital commerce space.

The digital commerce initiative will make investments in a number of areas involving the digital commerce experience, including loyalty and rewards, mobile and online payment management, fee-based services, security and fraud detection and data analysis.

“The payments industry is undergoing a fundamental change as the very nature of commerce is redefined,” he explains. “This fund is designed to encourage innovation in the payments space.”

The amount of money that Australian banks are spending on social media strategies is the equivalent of a “rounding error” when compared to the squillions they spend on advertising, delegates at a banking and finance conference heard on Friday. But the banks understand that although there isn’t yet a credible business case for much additional investment in the area, they can’t afford not to develop a presence on sites such as Facebook, Twitter and YouTube.

Speaking at the FST Media Technology and Innovation conference in Sydney on Friday Michael Weeding, head of digital banking for Citibank said that “We are probably not going to have a business case at this point in time” for heavier investment in social media bank. But he reminded delegates that the same once held true for mobile phone investment.

In a very short period of time mobile banking has moved from novelty item to mainstream banking platform, and social media could well follow.

Strobe, an App Delivery Network that facilitates getting HTML5 apps up and running on various platforms and app stores, has joined Facebook, CEO Charles Jolley announced today.

Jolley is also the creator of the SproutCore JavaScript framework for web apps that is used to quickly build web apps in the browser. It’s used by companies like NPR, Second Story and Sports Illustrated, as well as being popular among Facebook app developers.

Before Jolley created SproutCore, he was responsible for Mobile Me app development at Apple.

BankSimple has announced a few things, including a name change. The company is now called “Simple” and has started rolling out its first invites to the service.

Using Simple, you can make purchases with a Simple Visa® card, pay bills, earn interest, set up and track savings goals, and much more. Simple replaces your bank, but we are not a bank. You use our mobile and web apps and speak with our customer relations team when you have questions. We partner with chartered banks that hold your deposits in FDIC-insured products. They take care of money, we take care of customers, and together we’re delivering a new type of financial experience that’s easier, faster, and friendlier.

With a focus on customer service, Simple aims to make the banking experience a better one for consumers, focusing on both web and mobile experiences. To date, online banking hasn’t been the best experience, with companies like Mint helping you manage your money more effectively.

PayPal updated its Android application today and has added one notable new feature: support for NFC payments. Using NFC, or near field communication, two PayPal users with NFC-enabled phones can send and receive money using the mobile app.

The feature, which was previously announced over the summer, also includes a “Request Money” widget that can be added directly to the Android homescreen. To use the widget, you simply tap it, enter an amount and then bump phones with your friend. On your friend’s device, they’ll see the request and can then enter their PayPal password to send you the money.

PayPal notes that its implementation of NFC involves “P2P” mode which means that it will work with the majority of NFC-enabled phones, not just the Samsung Nexus S.

TORONTO — Canadians who find themselves short of change for that Venti Skim Gingerbread Latte can now pay for their Starbucks beverage with the scan of an iPhone.

The Seattle-based company announced Tuesday that an app for Apple's mobile phones can now handle purchases, provided a customer has preloaded an account with money to spend.

The account can be funded within the app with a credit card.