Cryptocurrency, on the other hand, can make cross-border payments “a lot more smooth,” according to him.
American Express CEO Stephen Squeri projected on the company’s third-quarter results call Friday that traditional credit card payments will keep steady despite the rise of cryptocurrency.
Traditional credit cards, unlike cryptocurrency, provide customers incentives, service, and the opportunity to challenge charges, as well as the capacity to extend credit, according to Squeri.
At this point, Squeri sees cryptocurrencies as much more of an asset class, noting that clients don’t use AMEX to “purchase stock,” and he doesn’t see them focused on buying bitcoin either.
Digital currencies, on the other hand, can make cross-border transfers “a lot more smooth,” according to Squeri.
According to Squeri, AMEX’s main function in the crypto industry right now is in the non-fungible token and stablecoin worlds, noting the card’s use to purchase digital collectibles like NBA Top Shot as an example.