American Express Company AXP is enhancing its Digital Receipts feature to provide card members detailed transaction records on their Amazon.com, Inc. AMZN purchases in the United States.
In February this year, the company launched its Amex Digital Receipts service, which provides U.S. card members the opportunity to view detailed transaction information from their phones. The digital receipts function provides transaction details for purchases made from Apple, Square, Microsoft, Google, and more. The card issuer’s current move aims to provide increased purchase detail services to individuals buying on the leading e-commerce platform, Amazon.
This move follows Amazon’s revealing of total annual U.S. online Prime Day sales of a whopping $11 billion. This reflects a rise of 6.1% compared with overall e-commerce transactions generated during the 2020 event.
Per Amex Trendex report, around 81% of U.S. surveyed consumers said that they are more likely to shop digitally than in physical stores this year.
Customers can tap on their smartphones to check details such as merchant name and logo, items bought, costs, order number and more. They will be redirected from AmericanExpress.com and the Amex mobile app within their Amazon account.
The solution comes at an opportune time as customers are managing their finance in a smarter way due to the COVID-19 pandemic. Since the pandemic situation has led to a surge in e-commerce situation, customers seek better services in order to avoid purchase-related confusion. This solution is expected provide them with better transparency about their transactions.
This feature would help customers notice fraudulent charges and enrich their shopping experience. It is also beneficial for merchants. Per the Amex survey, majority of the merchants said that the feature would help them eradicate unnecessary disputes and chargebacks.
The leading Zacks Rank #3 (Hold) card company is constantly coming up with innovative solutions to provide transparent and improved services to meet the evolving needs of the customer. 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.
All these initiatives poise it well for long-term growth.
Shares of the company have surged 88.7% in the past year, compared with the industry’s growth of 7.8%.
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