Retailer Walmart and credit card brand American Express have announced the launch of a new low-cost prepaid payment account for the underbanked. The product, called Bluebird, is built on American Express' Serve platform for digital payments and commerce.

Available through Walmart stores, Bluebird accounts are meant to provide users with an alternative to debit and checking accounts. Bluebird dispenses with minimum balances and monthly fees, and provides a strong mobile payment component that allows users to make deposits by smartphone and pay bills using a mobile device.

"The financial services landscape is changing," said Dan Schulman, group president, Enterprise Growth, American Express. "Technological advances, regulatory changes, and evolving consumer needs are redefining payments ranging from prepaid to checking and debit."

"Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products," Schulman said. "It allows them to easily and safely move, manage and spend their money. In an era where it is increasingly 'expensive to be poor,' we have worked with Walmart to create a financial services product that rights many of the wrongs that plague the market today."

Other mobile features for Bluebird members include a digital wallet for person-to-person payments, a mobile app, and the ability to set up and control subaccounts. Members can use the companion Bluebird cards just like they would use an American Express card; they can even use it to access more than 22,000 MoneyPass ATMs.

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