American Express shifts focus to small merchants

American Express India has been known for serving premium customers rather than mid and small range of customers. But now, the company has reworked their strategy in India and has decided to reach to masses in India with Bharat QR code, said Anurag Gupta, VP of American Express Banking Corp., India.

“We are looking at reaching out to small and ultra-small merchants to use Bharat QR code,” said Gupta. “In last one year, we have added nearly 1, 80,000 merchants. That accounts to 500 merchants a day.” The company’s growth has been doubled over the past few years.

“We are doubling our numbers and we hope to continue that path of growth. We have a robust approach and we want to cover as many merchants as possible,” he added. The company is encashing the changing sentiments of India that was traditionally inclined towards usage of cash. In two-three years, we will expand all across India with Bharat QR code.

In 2017, the company had partnered with banks like State Bank of India (SBI) and ICICI Bank and are looking at more such partnerships. “We are working very closely with all our partners. We are talking to few more partners and those partnerships will materialise soon,” added Gupta, who is also head - payment/acquiring business. The company has partnership with around 15-20 aggregators too. The company started with expansion in tier I cities and now it stretching to tier II cities and beyond. It is against entering new markets without any partners or aggregators, Gupta added.

American Express India will continue working with banks but will look at partnerships in other sectors like education, utility, fuel etc.