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Amex sees up to 40% growth in online transactions

Press Trust of India  |  Panaji 

Leading non-bank issuer Thursday said half of its customers here transact online, boosting this segment by around 40 per cent year-on-year.

The multinational enjoys 10-11 per cent of the nearly three million market in the country. Of the total business, 70 per cent is domestic, while rest is international, the company said.

It expects to further boost its market by targeting the destination cities, which has been witnessing double digit growth during the fourth quarter of the year.

"With coming up, merchants are geared up to deliver a great experience to visitors to

base of premium card members spend three times higher than the non-card members," Anurag Gupta, Vice President, Global Merchant Services, told reporters in on Thursday.

"Our data show that the card member spending in key destination cities in India, doubled in Q4 compared to the previous quarter," he said.

"The is 50 per cent of the total, while its growth is by 30-40 per cent year on year," he said, adding, "this is the segment that sees the biggest expansion."

Gupta also claimed that American Express has the lowest fraud rates in the industry, driving merchant savings in chargebacks and disputes.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 18:30 IST