American Express launches payment solution as gig economy grows

  • By Kate Weber

American Express launched a virtual payment solution to help mid and large-sized companies more efficiently handle the business expenses of temporary workers, contractors and general employees.

American Express Go will integrate Apple Pay, Google Pay and Samsung Pay.

The product allows businesses to quickly issue a unique virtual card straight to a mobile wallet providing new levels of control to organisations and removing the need for a physical card.

American Express vice president of global commercial services, Becky Cook said American Express is aiming to help mid to large size companies in an “innovative fashion” especially now Australia is moving towards a ‘gig economy’.

“Not only is gig economy a big driver in this but also the expectations of the workforce”

In 2018, for the first time, less than half of all employed Australians are in permanent full-time jobs - reflecting the growth of the ‘gig economy’ and the changing nature of work.

Cook also explained virtual payment systems are becoming the new expectation by staff as more millennials enter the work force.

“Seventy per cent of Australians are 14 years and over and are using mobile payments today” Cook said.

Cook went on to say employee “expectations need to be continued” as “we recognise that virtual payments is today’s new reality for businesses.”

Not only will American Express Go taken advantage of the changing work culture, but it will also eliminate manually reconciling transactions, reviewing of expense forms plus simplifies spending.

“It’s the convenience of being able to expense your day-to-day needs as a contractor or temporary employee but without the need for a plastic card”

According to Cook, the business will continue to refine and innovate in this space.

“Th is just the beginning and we are really excited to bring on customers to enable them in this way and to watch it grow,” Cook said.

“This is the absolute first of its kind that’s enabled through a wallet like this.  I think we’ve got competitive advantage in our space to be able to do that at American Express.” Cook