American Express partners with Aussie fintech Sniip
Global credit card giant American Express has partnered with local fintech Sniip, in a deal the start-up expects will substantially grow its customer base of 35,000 Australians.
The Brisbane-based fintech, which allows users to pay household bills via any type of credit card (regardless of the bank) via BPAY and earn points through one central app, will now offer AMEX to its customers as a payment option at the same 1.5 per cent surcharge rate as Visa and Mastercard, compared to the usual 2.2 per cent.
American Express vice-president of global merchant services, Robert Tedesco, said the integration was the credit card company’s next big play to increase the representation and usability of AMEX cards in Australia.
“For the last three years we’ve been signing on average 50,000 new places to our network every year [in Australia],” he told The Australian Financial Review.
“Chemist Warehouse, Ikea and Budget Direct have all come on board, while Flight Centre and TPG have reversed their differential surcharge position.
“This is where Sniip fits in as well. It enables a greater experience for our customers. Our users are savvy and they understand the benefits of the card … and the value their points have. They’re always looking for ways to maximise their spend to draw those benefits to themselves.”
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