AmEx Puts $125M In And Partners With Chinese Mobile Payments Company Lianlian To Licens... - 0 views
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American Express is making a significant move in the expansion of its digital wallet, Serve to international markets today. The credit card company is announcing the first global partnership for Serve with Lianlian Group, of of China’s leading mobile payments providers. Additionally, AmEx has also made an equity investment of $125 million in LianLian Pay.
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Group President for Enterprise Growth for American Express Dan Schulman tells us in an interview that American Express has come to realize that in a lot of fast growing economies internationally, people move money in different ways and in order to enter these markets, the company has to think beyond just plastic cards and checks, and consider moving straight to mobile platforms.
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AmEx is generally predicting China to be a huge market for its mobile and digital payments products and is planning to open a new American Express’ Enterprise Growth Group office in Hangzhou, China. The China-based team will provide technical and consulting support to Lianlian Group on the Serve partnership, and the new outpost will be headed by Matthew Lee, President, Enterprise Growth, American Express, China.
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