Payments News

On The Web

nbsp; nbsp;

Companies

AmEx Moves Closer to Entering China’s $27 Trillion Market

“American Express Co. cleared a key hurdle in its bid to accessing China’s $27 trillion payments market after the central bank accepted its application to start a bank card clearing business.    The People Bank of China made the announcement on its official Wechat account Wednesday, without giving more details. The decision to accept the application signals […]
nbsp;

Companies

AmEx Is Paying Up to Get Businesses to Accept Its Cards

“American Express Co. wants more businesses to accept its cards. So it is paying them—sometimes in amounts approaching a half-million dollars. The company is offering sign-on bonuses to some businesses that don’t take its cards in a bid to catch up to rivals Visa Inc. and Mastercard Inc. The payments range from under $10,000 to about $450,000.”
nbsp;

Companies

AmEx’s Discount Rate Returns to Its Year-Ago Level

“Issuer and acquirer American Express Co. said its global third-quarter discount rate—what merchants pay to accept the brand’s credit cards—was 2.39%, a slight increase from 2.38% a year ago. The uptick comes more than a year after AmEx said it would shave its worldwide discount rate in an effort to boost merchant acceptance. The effort, […]
nbsp;

Companies

Romance Between Credit Cards and Travel Faces Strain

“Credit cards and travel have been intertwined for years. The coronavirus will put the strength of that pairing to the test. American Express on Friday reported a sharp drop in card spending in the travel-and-entertainment, or T&E, category. Weekly average T&E billed business via Amex’s proprietary cards was down almost 95% this year through April […]
nbsp;

Companies

AmEx Shifts Hundreds of Salespeople to Take On Collections Work

“American Express Co. is shifting “hundreds and hundreds” of employees in its sales units to handle collections and other credit work, and plans to set aside more for loan losses this quarter. As the coronavirus pandemic sent unemployment rates soaring, the credit-card company quickly began moving sales workers to credit and collections, Chief Executive Officer […]

On The Wires

nbsp;

Companies

More Financial Freedom: SolarisBank and American Express Cooperate for Innovative Installment Product

“For the first time, members of a personal American Express Card in Germany will be able to use an installment option for card payments of EUR 300 or more. This is made possible thanks to a new cooperation with solarisBank. The technology company with a banking license has developed a new installment product “Splitpay”. This […]
nbsp;

Companies

WeChat Pay to Support American Express Credit Card

“China’s tech giant Tencent announced on Tuesday that its WeChat Pay will support American Express RMB credit cards, coming soon. China’s central bank on Saturday announced that it had approved an application by American Express’ Chinese venture to conduct bank card clearing operations in the country.”
nbsp;

Companies

American Express Receives Clearance to Begin Processing Local Transactions in Mainland China

“American Express announced today that its joint-venture in mainland China, Express (Hangzhou) Technology Services Company Limited (“Express Company”), has received approval from the People’s Bank of China (PBOC) for a network clearing license. With this, American Express becomes the first foreign payments network to be licensed to clear RMB transactions in mainland China. The company […]
nbsp;