Amex Cards to See Increased Acceptance via SBI

by Sathishbabu Raghav Financial Adviser

The State Bank of India (SBI) and American Express recently came to a consensus that will see the acceptance of American Express (Amex) cards increase all across India.

The agreement between both parties will encapsulate both online and offline modes as per a statement released by SBI. In order to make American Express cards acceptable for online payments to SBI merchants all over India,

the Online Payment Partnership (ePay) agreement will come into play to ensure its smooth implementation. Manju Agarwal, DMD - CS & NB, SBI, stated that the strategic alliance with American Express will help SBI stretch its scope to its merchants across the country via a cost effective solution that will not only ensure convenient one point contacts for all card networks, but will also ensure competitive pricing, quicker fund availability, consolidated statements and much more.

American Express also stated that the agreement with SBI would help them increase its credit card business with merchants in establishments such as retail, grocery, fuel stations, restaurants, as well as online merchants.