AmEx enters the lucrative B2B payments space ๐ธ; Bank earnings: common global trends & uncertain future ๐; Strong results from PayPal: massive BNPL growth & positive future outlook ๐
Good Morning FinTech, 4 August
Good evening Everyone,
And happy Thursday! Todayโs issue is super interesting and is focused more on the traditional finance players. Weโre going to look at AmEx entering the lucrative B2B payments space (this could be huge + a quick reminder of why B2B payments matter), bank earnings which unveil common global trends (& an uncertain but somewhat positive future), and strong results from PayPal that show massive BNPL growth & positive future outlook (if youโre in BNPL space, PayPal is definitely a force to be reckoned with). Letโs jump straight into the awesome stuff:
AmEx enters the lucrative B2B payments space ๐ธ
The news ๐ Payments heavyweight American Express has launched American Express Global Pay โ a new digital solution that enables US businesses to make domestic and international business-to-business (B2B) payments.
The USP ๐ฅ In short, all eligible US AmEx Small Business Card members can send payments funded from their business bank account to their suppliers in more than 40 countries, across a range of currencies. Eligible customers can also earn Membership Rewards points on their foreign exchange payments.
American Express Global Pay is currently available to eligible US American Express Small Business Card Members.
More on this ๐ We must remember that AmEx has been strengthening its B2B propositions late. Several recent and noteworthy partnerships:
It partnered with virtual card FinTech Extend in September last year so AmEx Business cardholders can enroll and create their own virtual cards, which are growing in popularity.
Also, AmEx partnered with accounts receivable solutions provider Billtrust in April to make it easier for suppliers to accept Amex virtual card payments.
Why does this matter? ๐ค It marks AmExโs first real entrance into the lucrative B2B payments space. If it succeeds, it could be huge and become a tough competitor for everybody else on the market. Hereโs the takeaway (& a quick reminder of why B2B payments matter):