As part of its continuing attempts to expand operations, the nation’s largest credit card lender in terms of purchase volume may soon try to purchase or invest in foreign businesses and U.S. startups that will give it more traction in the growing mobile and online purchase industries.
American Express is now attempting to expand its business into the world of mobile and online commerce and will make advances to purchase or partner with both businesses in emerging global markets and startups in Silicon Valley, according to a report from Bloomberg News. This is both in an effort to gain a firmer foothold in the U.S. credit card market and China, which is expected to be the world’s largest by 2020.
“We are very active, and acquisitions are a key component of our strategy,” David Messenger, executive vice president for American Express, told the news agency.
It’s expected that American consumers, who are currently hesitant to adopt mobile credit card purchases as a way to complete transactions, will take to the process within the next two or three years.