American Express has launched Global Pay, a digital solution the company said will let U.S. businesses make secure domestic and international B2B payments.
“Through this new digital solution, business customers can send payments funded from their business bank account to their suppliers in more than 40 countries, across a range of currencies, using a simple, mobile-friendly platform,” the company said in a news release Tuesday (Aug. 2).
In addition, eligible customers can earn rewards points on foreign exchange payments.
Global Pay is now open to eligible American Express Small Business Card Members in the U.S.
Dean Henry, American Express’ executive vice president of global commercial services, said the program was launched in response to small business customers seeking an “international payment solution focused on simplicity, convenience and the chance to earn rewards.”
The company pointed to its June survey, which found that 64% of small- to medium-sized business (SMB) owners in the U.S. say they expected their total spending with businesses outside the country to increase this year.
Around a quarter of these SMBs mentioned the complexity of the process as one of the roadblocks to making cross-border payments. These businesses said they wanted a payment solution that offered transparent fees and rates and a simple user experience.
Learn more: Consumers, SMBs, Gaining Comfort With Cross-Border Payments
PYMNTS research has found consumers and SMBs alike have grown increasingly comfortable with cross-border payments, with the transaction value of these payments expected to increase from $37.2 trillion in 2020 to $39.9 trillion by 2026.
The popularity is especially pronounced among SMBs, with one report showing that 38% of these businesses sent and received more cross-border payments in 2021 than in 2020. Nearly 75% said these payments were crucial to keeping their doors open during the pandemic.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More