The Wall Street Journal is reporting that China’s central bank has informed American Express that it would formally accept its application to clear and settle domestic bank-card transactions. Currently state owned UnionPay dominates the market with a 90%+ marketshare. American Express has a joint venture with China based mobile payments provider Lianlian, back in 2012 American Express licensed their serve technology to Lianlian.
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Accept application ≠ approve application, from what I understand.
You'r right!
Also China is probably just going to try and take whatever technology/IP Amex has from the partnership. Don’t see it as something that’ll make Amex any money, probably just loss of their specialized technologies.
Not sure Amex has any IP worth taking when WeChat/Alipay have already innovated far past any US company in the mobile payment space.
Amex will be at a huge disadvantage in China, not because I have doubt about credit cards rewards, but because all the other major players like wechatPay/Alipay/unionPay charge virtually none interchange fees to local merchants. So I'm not sure if Amex's current business model would work in China.
LOL...I was just in China, everyone uses Alipay and Wechat pay. This is just gonna be a waste of money for Amex. Maybe they can try to instill reward cards in China.
Alipay and WeChat pay don’t offer the travel benefits Amex does. Travel spending is increasing crazy in China
LOL cause that's not easily replicate right.
Plat Card membership gonna boost
interesting to see what a traditional credit company does in market that is very mobile wallet adopted
its* application
Don't even bother. Proper English writing is not their priority.