American Express has formed an agreement with Amazon to launch a new co-brand card to support SMBs in the US.
The new credit card will enhance the way small businesses buy products through Amazon, and will also supply them with enhanced data to drive insight from purchasing activity.
This partnership will also include a continued global card acceptance relationship.
Amazon vice president Max Bardon said, “We selected American Express as our partner for the upcoming small business credit card because of our shared commitment to helping small businesses grow.
“Offering the best of both brands, the cobranded small business credit card program will combine the buying power, convenience and value small businesses have come to know and love from Amazon backed by the world-class service, benefits, access and security of American Express.”
Earlier in the year, American Express launched a data solution alongside Amazon Business, the B2B e-commerce marketplace and purchasing solution of Amazon.
This service provides businesses with data on all their Amazon transactions, letting them monitor, control and reconcile purchases made with American Express cards in the US. It also enables customers to run more advanced analytics.
American Express reportedly acquired the UK-based restaurant payments company Cake Technologies in a deal worth around $13.3m, earlier in the year. The company is a mobile payments platform for restaurants and bars in London, supporting quicker transactions and data collection.
Amazon and MasterCard recently co-led the funding round of contactless payment platform ToneTag, which raised between $8m and $10m. The India-based company already has an established partnership with MasterCard and is looking to create one with Amazon.
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