What business is American Express in? For how long has it been in the business and how well was it doing in 2013? | Candider
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What business is American Express in? For how long has it been in the business and how well was it doing in 2013?
7th Oct 2021 10:01 am
economics
Business expert
American Express or AMEX is the most prestigious credit card provider. They are in the credit card business. But not debit cards. American Express is very similar to VISA, MasterCard and RuPay, but there is a huge difference in the business AMEX does. One word that distinguishes AMEX from other cards is 'member', and membership has its privileges. A lot of people have VISA and MasterCard, but only a few of them have American Express. As of 2019, there are 29 VISA cards and 17 MasterCards per every single AMEX card. Banks issue VISA and MasterCard while AMEX manages its credit card business on its own. As a premium brand AMEX is not concerned with how many cards they issued but how much money they are making from each card. AMEX has higher revenue as compared to VISA and MasterCard combined. IN 1850, American Express started its business as an express mail company by 19th Century, American Express took its first step into financial services, and by 1882, they started the AMEX money order. AMEX was the first to issue an international traveller's cheque that would be working in foreign countries. In 1958, the first AMEX charge card was released with a $6 annual fee. In 2013, AMEX was the world largest card issuer. AMEX was operating in both the digital and the offline world. AMEX loyalty program was the largest loyalty program in 2013. AMEX diversified its financial service in payments and commerce. -- The above result is obtained by our Internet Research Algorithm
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