American Express reports strong growth in online transactions
Leading non-bank credit card issuer American Express has said half of its customers here transact online, boosting this segment by around 40 per cent year-on-year.
It expects to further boost its market by targeting the destination cities, which has been witnessing double-digit growth during the fourth quarter of the year.
"With peak travel season coming up, merchants are geared up to deliver a great experience to visitors to Goa.
American Express base of premium card members spend three times higher than the non-card members," Anurag Gupta, Vice President, Global Merchant Services, American Express told reporters in Goa on Thursday.
"Our data show that the card member spending in key destination cities in India, doubled in Q4 compared to the previous quarter," he said.
"The online spending is 50 per cent of the total, while its growth is by 30-40 per cent year on year," he said, adding, "this is the segment that sees the biggest expansion."
Gupta also claimed that American Express has the lowest fraud rates in the industry, driving merchant savings in chargebacks and disputes.
(With inputs from agencies.)