When they want to pay for products at checkouts, an increasing number of people now reach into their pocket for a smartphone.
For American Express, which has approximately 50 million cards-in-force in the United States, that shift towards digital devices – as epitomized by tech companies like Samsung, Apple, and Google launching virtual “wallets” – means its brand soon may take on a very different shape.
“In short order, and I’m not making any [specific] predictions here, the credit card as we know it is going away in your wallet,” explained Christopher Frank, a VP at American Express who leads...