It’s unclear why American Express held off on adding support for corporate cards-perhaps execs were waiting to evaluate overall Apple Pay adoption, or to put the service’s security to the test. The company seems pretty sold on the idea now, though.
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Now that Apple Pay supports these cards employees from the enterprise sector can also get in on the mobile payments fun using their iPhone or Apple Watch.
American Express Company (NYSE:AXP) has a market cap of $83.36 billion and EPS ratio of 5.69. The new addition will let customers pay at locations and within apps that support the contactless payments service with an eligible American Express corporate credit card.
This development means that Card Members can now pay on the go with compatible Apple devices.
While American Express has supported Apple Pay on the consumer payments side, it’s announcement yesterday (Aug. 10) showed that it was ready to extend the same offering to its corporate cardholders.
Through its Global Corporate Payments division, American Express offers a suite of B2B and T&E payment solutions that can help organizations streamline processes and identify opportunities to help drive savings and efficiency. As an alternative, a “Device Account Number” is assigned and encrypted in the “Secure Element” on the device. Each transaction is authorized with a one-time unique dynamic security code.
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American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. The cards that will work with Apple Pay include the Corporate Green, Platinum, Centurion, Gold, Business Extra and the Defined Expense Program. Prepaid Cards and other products are not eligible.
