In a recent conversation with Fortune, American Express CEO Ken Chenault spoke about the future of commerce, which he believes is mobile. According to Chenault, mobile payments represent a $25 trillion dollar a year opportunity, with five major players—Google, Apple, Amazon, Alibaba and Facebook.
Chenault also noted that though there is a rare opportunity for mPay startups right now to join the industry and find partners that can help them build to scale, he believes the mobile landscape also offers major opportunities for established players like AmEx.
“I think it's important to understand the payments industry and commerce is going through fundamental change. You are seeing a blurring of commerce, mobile, payments, and a convergence of online and offline. In the near term, plastic is not going to go away. You are going to see a demarcation between payment companies. There are going to be those that stay in the status quo, and they're going to focus on facilitating payments. That is a mistake. They will be reduced to a commodity. There will be those companies who will focus on the entire commerce journey, and that's us,” Chenault told Fortune
On how they will facilitate that entire journey, Chenault said “We have the largest integrated global payments platform. We bring together users, card members, and merchants, and the data is incredibly valuable. We know where they spend online and offline. We want to deliver benefits and services when our card members want it, where, and how they want it.”
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