https://arab.news/cd93g
- American Express has achieved a 180% increase in its point-of-sale acceptance in 抖阴短视频 in the last two years
- Company鈥檚 strategy involved partnering with banks to integrate American Express into their systems
RIYADH: Card payment provider American Express has achieved a 180 percent increase in its point-of-sale acceptance in 抖阴短视频 over the past two years, according to CEO Fahad Mubarak Al-Guthami.
The company aims to reach 90 percent coverage by the end of 2025.
Speaking on the sidelines of the 24 Fintech conference in Riyadh, Al-Guthami said that this growth aligns with 抖阴短视频鈥檚 goal to achieve 70 percent non-cash transactions by 2030, under the Financial Sector Development Program.
鈥淩ight now, many places around the Kingdom are accepting American Express鈥t鈥檚 part of our strategy,鈥� Al-Guthami told Arab News.
He revealed that the company鈥檚 strategy, which began about two years ago, involved partnering with banks to integrate American Express into their systems.
鈥淚n 2024, we鈥檝e already increased the number of points of sale accepting American Express by 180 percent. Our objective is to reach 90 percent by the end of 2025,鈥� Al-Guthami said.
鈥淲e want to be leading for the global American Express and the local as well,鈥� he added.
On small and medium enterprises, Al-Guthami said: 鈥淕lobally, we鈥檝e been very strong with SMEs. In 抖阴短视频, as part of our strategy, the key is to ensure we have acceptance across the country. This will give SMEs the opportunity to use either digital or plastic cards for any purchases they want.鈥�
He added that SMEs value transaction transparency, audit compliance, and return on investment. 鈥淪o, all of that is something that we鈥檙e building on based on what we have already. So, it鈥檚 nothing new; it鈥檚 just a tweak and we already started that journey,鈥� the CEO added.
Regarding fintechs, he said that they fundamentally represent innovation and one could either develop solutions independently or partner with a fintech.
For instance, he said applications and data analytics are examples of fintech solutions, with the company managing these aspects in-house.
鈥淏ut then, if I go into the open banking area, I can integrate; it鈥檚 faster speed to market and provides us a win-win situation. It gives us access to all financial institutions at the press of a button, and we get access to the customers so we can service them better,鈥� Al-Guthami said.
He added that the same principles apply to personal finance management. These features allow users to view their spending on the application鈥檚 dashboard and analyze their expenditures. He explained that while they have the data, the challenge is to analyze and present it in an attractive way for the customer.
The 24 Fintech conference, co-organized by Tahaluf 鈥� a joint venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones, and the Events Investment Fund 鈥� aims to establish 抖阴短视频 as a global fintech leader in line with Vision 2030.
The event, running from Sept. 3-5, is expected to attract over 30,000 participants, 300 exhibitors, and more than 350 investors, underscoring the Kingdom鈥檚 rapid growth in the fintech sector.