American Express has recently launched Amex Pay in India. This new mobile payment system provides money transfer services as well as Bharat QR code-based payments. The new feature allows holders to perform these services on the official American Express mobile banking app.
However, American Express Prepaid Cards, Virtual Accounts, Corporate Purchasing and Corporate Meeting Cards cannot use the said service. According to reports, non-cancelled American Express credit and charge cards are most likely available to avail such service.
“You can use Amex Pay to make contactless purchases with your eligible Android device wherever American Express contactless payments are accepted. Just look for the contactless symbol at check-out.”American Express stated in its FAQ Section. “You can make a payment using the QR functionality wherever you see the American Express logo on a Bharat QR sticker,”
Qualified users need to register first to be able to use the service. Holders must log in their account on the Amex Mobile app on Android or iOS. Registration will then follow. Each transactions will require authorization through PIN, passwords or a fingerprint scanning. Holders can set up their security details during the registration as well.
Furthermore, the ‘tap-and-pay’ transactions will be free of any service charges. Holders may also get rewards and credit point benefits during the process.
Additionally, reports claim that the service operates offline as well. Though, transactions will only be limited up to eight successive ones and nothing more.
Amex Pay will only accept six AmEx qualified cards in a single device. Users must also register their cards to fully use the system.
American Express Shares
Despite the bearish indications, shares of the American Express might enter a bullish movement soon. It’s latest trades displayed 0.62% increase which is a 0.55 points addition.
Its coppock curve also maintained an upward position which would recommend a buy for the bank stock. It is currently at -4.85 which signs of potential uptrend movement.
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