In November, JPMorgan Chase and Company revealed that they were going to begin a mass issue of contact-less Visa cards. There were high hopes from the experts that at last, there was going to be the tap-and-pay EMV plastic in the United States.
In reality, tons of people thought that Chase’s move might lure other smaller banks to jump into the bandwagon; it turned out that JPMorgan was in this alone. The company is growing like wildfire even though not most banks followed suit.
In cases where a credit card isn’t authorized, then the merchant will use chargeback insurance as protection. It will cover the claims that will be raised.
The previous week, American Express company made it known that they would do a root-and-branch renaming of their card portfolio so that they could co-brand Marriott International Inc.
In another move, AmEx Marriott cards that had the Bonvoy name were going to introduce contact-less antennas when the new cards finally make their debut the following month. It is said that Chase and Marriott brought these to light at the same time.
An AmEx spokesperson brought to the attention of Digital Transactions News through an email that the Marriott Bonvoy, an American Express card that was renamed will now be able to have contact-less payment features.
It was also noted that both Business American Express card and Marriott Bonvoy American Express card will now be able to have the contact-less features. Besides, the Starwood Preferred Guest American Express Luxury card will also be renamed to Marriott Bonvoy Brilliant American Express card. SPGAELC has had the contact-less feature since August.
AmEx has made significant progress. Until now, it has managed to provide co-branded contactless cards to different brands like the American Express Hilton Honors card. Besides, AmEx has also been able to convert the company’s Gold card portfolio to a tap-and-pay feature. However, you will only be provided with a contactless card just if it applies to the card.
Unfortunately, AmEx doesn’t reveal the exact number or percentage of AmEx cards they can represent. AmEx’s ace in the hole has been to build relationships and issue reward cards. In 2018, they disbursed up to $9.7 billion – that was a 12 percent increment in 2017.
AmEx has been growing, and it’s not alone in the market. Other companies are emerging to give competition, which is normal in the business world. Other issuers are already implementing the technology in the U.K and other countries across the globe.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.