August 22, 2019

AMEX Brings Diginomics to NYC Taxi Cabs

1018-amex-630x420The World of Diginomics takes another step forward as American Express announces its plan to bring a new payment system to New York City’s taxi cabs. According to Bloomberg BusinessWeek Technology (Oct. 21, 2013), “American Express (AXP) is introducing a new way to pay that it says will be even easier than a smartphone: your credit card.

“The company is introducing a program to allow customers to use points from its rewards program to pay for taxi cabs in New York. The program, which uses VeriFone Systems (PAY)‘ payment devices in the back of taxis, could eventually be expanded to any store with VeriFone’s technology.”

“Diginomically,” the concept of mobile commerce through expanded use of “e-wallets” and the like is not catching on with the average American consumer as earlier had been hoped and predicted, and the luxury credit card giant is betting it can take advantage of that gap with this new phone-less payment system. – Read more …