American Express and Knot Pilot New Feature to Simplify Payments
Slice of Finance Team
09/10/2024
Key Highlights:
- American Express and Knot team up to streamline card-on-file management for select merchants.
- The pilot allows seamless payment info updates at brands like Bloomingdale’s, Hilton, and Macy’s.
- Knot’s CardSwitcher™ enables easy card updates without re-entering details.
- Collaboration between Amex Ventures and Knot accelerates innovation for digital payments.
Source (Business Wire)
Quotes
“ “Our new functionality with Knot is a great example of how collaboration with portfolio companies can lead to meaningful commercial opportunities.” ”
Matt Sueoka, SVP and Head at Amex Ventures
Our Take:
This collaboration between American Express and Knot demonstrates the growing trend of leveraging fintech innovations to enhance consumer experiences. By integrating Knot’s CardSwitcher™ technology, American Express is addressing a critical pain point in online shopping—friction in payment information updates. This partnership not only streamlines the payment process for cardholders but also boosts conversion rates for merchants. It’s a win-win that showcases the value of fintech partnerships in creating seamless digital commerce experiences.
