AmEx (AXP) Teams Up With Bangkok Bank, Boosts Thailand Footprint

·4 min read

American Express Company AXP recently joined forces with Thailand-based Bangkok Bank in a bid to extend the former’s card acceptance throughout Thailand. Notably, both the organizations have been sharing strong work relationship for more than two decades now. In fact, Bangkok Bank has issued three card products of American Express across the country.

Per the latest alliance, the Card Members and merchants of American Express will be able to utilize the widespread and contactless Electronic Data Capture (EDC) and Point-of-Sale (POS) terminal network of Bangkok Bank. Concurrently, the bank will enroll merchants in order to drive acceptance of American Express cards across the country.

Further, the local businesses of Thailand will benefit from the latest move. They will have access to the well-established global network and more than 114 million Card Members of American Express spread across the globe. This, in turn, is likely to generate business growth for local merchants as Thai Card Members of American Express expend 2.5 times more, on an average, when compared to other credit card companies’ card members.

Moreover, the recent collaboration seems to be a win-win situation for both the partners. On one hand, the tie-up reinforces American Express’ endeavor to strengthen its Thai footprint and facilitate increased card locations for its members. On the other hand, the partnership is expected to boost the merchant services offerings of Bangkok Bank. The leading Thai bank boasts of 150,000 EDC, which can be utilized by different types of businesses.

Notably, the latest move reflects the company’s commitment to cater to consumers’ shift toward online shopping. This has compelled most businesses to devise newer payment methods for sustaining amid a growing digital economy. Case in point, both American Express and Bangkok Bank continue to put in collective efforts aimed at technology upgradations and introduction of secured digital payment options.

Besides, Thailand seems to be an attractive prospect for American Express. The reason can be attributed to the nation’s digital transformation efforts with intensified focus on developing advanced technologies. A tech-savy population has led to an increase in usage of Internet and mobile devices, which in turn has facilitated digital evolution across the country. Several government initiatives aimed at digital transformation efforts should also be taken note of. This presents attractive growth prospects for companies attempting to bolster their digital foothold across Thailand.

Coming back, American Express has undertaken a plethora of measures for building its digital solutions suite and assist businesses in regulating payments. The company provides a wide array of card products to its diverse global customer base. Several buyouts and partnerships pursued in the past have helped the company to bolster its capabilities and strengthen global foothold.

Other companies making efforts to roll out advanced payments technology solutions across Thailand include Mastercard Incorporated MA and Visa Inc. V. PayPal Holdings, Inc.’s PYPL services can be availed by the company’s existing customers of Thailand and will commence account registration for new customers once PayPal Thailand is relaunched this year.

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Mastercard Incorporated (MA) : Free Stock Analysis Report

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American Express Company (AXP) : Free Stock Analysis Report

PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report

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