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Barclaycard and American Express in New Card Issuing Deal
January 30, 2013
Barclaycard and American Express announced a new deal that will expand the current relationship between the two companies and see American Express become an issuing card partner in the United Kingdom.
The new deal seeks to cement the current global business relationship which already involves card issuing in the United States and payment acceptance in the U.K. Under the terms of the new deal, however, Barclaycard customers will have a wider range of products available to them under the American Express Brand.
Valerie Soranno Keating, Chief Executive of Barclaycard commented on the deal by stating, “Today's news that two of the world's leading payments businesses will be working more closely in the UK will mean greater choice for UK consumers. It also reinforces Barclaycard's position as a partner of choice in the payments industry and as a leading innovator in UK payments.”
The move to further develop the business relationship between the two firms is mutually beneficial and will begin right away, as the timetable of the deal suggests product development will commence in 2013 with more specific details to be announced at a later point. The U.K. payment card and banking industry is one of the more consolidated markets in the world due to its maturity and by potentially providing a unique payment card, both American Express and Barclaycard stand to benefit.
to read more from Finextra.
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