American Express changes contactless payment strategy

American Express changes contactless payment strategy
Tags: POS, Payments, Technology
March 31, 2008

The Wall Street Journal: Six years after it began testing a payment device that attaches to a key chain, American Express Co. is discontinuing its "Express Pay" fob that was touted as a convenience for consumers who didn't want to dig into their wallets for a credit card. In abandoning the fob, AmEx plans to focus on its traditional cards — installing computer chips in them that allow customers to hold the card up to an electronic reader instead of swiping it through a device.