American Express would explore different ways for its customers to use them reward points for bitcoin. This was announced on Tuesday. Stephen Squeri, CEO of the company, who explained that he does not believe that a American Express card linked to cryptocurrencies coming out in the near future.
Squeri added that the company was already involved in the use of cards for stable coins, and that it was pending the development of a United States Government CBDC.
Jeff Campbell, chief financial officer of AmEx, agreed with Squeri’s statement, saying that a cryptocurrency-linked card is not in the company’s short-term plans.
He added that “when it comes to NFTs, of course we’re working with the NBA and Top Shot and we’ll look at ways to get involved. But like I said, we’re probably not going to offer a cryptocurrency. “We’re watching crypto just in case.” stabilize. But at the moment, I do not see it as immediate or medium-term for our business. “
American Express This beat market estimates for its quarterly profit as higher travel and entertainment spending and the holiday shopping spree pushed the credit card operator’s volumes to record highs.
People, especially younger consumers, spend more on AmEx cards as they return to pre-pandemic habits, such as eating out and traveling out of the country, thanks to vaccination programs.
It helped the credit card giant recover from losses from the pandemic, with travel and entertainment spending more than doubling in the fourth quarter ending December 31st.
“Our investment strategy has enabled us to reach record levels of spending by card users … to increase the acquisition of new cards, to grow our credit balances,” said Stephen Squeri.
In the fourth quarter, the company’s total revenue, excluding interest expenses, increased by 30% to about $ 12.15 billion.
However, the company saw a 29% increase in expenses due to increases in personal wages and increased use of travel-related benefits, in line with figures from other major financial institutions.