Amex, which traditionally has approached the wealthier tiers of society, is reaching out more to lower-income consumers who are unhappy with their current payment solutions. And it used last week’s South by Southwest festival in Austin, Texas, to spread the word.
During the event, Amex unveiled plans for a Financial Innovation Lab this summer that would give academics and technologists an opportunity to collaborate in the areas of savings and credit building, according to USA Today.
“The saying that it’s expensive to be poor — you see it right in your face,” Dan Schulman, Amex group president for enterprise growth, told the publication. “The less money that you have, the more it costs you to manage and move it. And it’s incredibly inconvenient as well.”
PYMNTS.com’s Jeff Green recently wrote about other payment and commerce activities that took place at the event.
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