# American Express: Digital payments transformation

Source: https://www.bankingnewsai.com/banks/american-express/digital-payments-transformation
Last updated: Oct 19, 2026

*Part of the [American Express AI strategy profile](https://www.bankingnewsai.com/banks/american-express).*

## What is American Express's role in the digital payments transformation?

American Express runs a closed-loop card network that is widening into digital and non-card payments. Its network carried $1,897.0 billion of volume in 2025, up 7%; billed business on the cards it issues was $1,669.8 billion, up 8%, and processed volume, which counts cards issued by third parties and alternative payment solutions Amex facilitates, was $227.2 billion. Billed business reached $428.0 billion in the first quarter of 2026 and $455.8 billion in the second, up 10% and 9%. Acceptance is the main lever: on September 28, 2026 Amex said its cards are accepted at more than 190 million merchant locations, about 20 million more this year, and that locations outside the U.S. have more than doubled in four years. In China, where in 2020 it became the first foreign payments network licensed to clear renminbi transactions, it counted an estimated 37 million accepting merchants at the end of 2025, including through digital wallets. Off the card rails, Amex has offered Pay with Bank transfer, an open-banking account-to-account service, in the UK since 2019; for businesses it runs virtual cards and Buyer Initiated Payments, linked to Bottomline's Paymode in July 2026. AI sits in the fraud layer: Amex's models decide within milliseconds whether a purchase is fraud. Amex does not disclose wallet, token or contactless shares of its volume. ([American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000188/q126exhibit991.htm), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000318/q226exhibit991.htm), [American Express (Business Wire)](https://www.businesswire.com/news/home/20260925237468/en/American-Express-is-Now-Accepted-at-More-Than-190-Million-Merchant-Locations-Worldwide-Acceptance-Outside-the-U.S.-Has-More-Than-Doubled-in-Last-Four-Years), [American Express (Business Wire)](https://www.businesswire.com/news/home/20200613005031/en/American-Express-Receives-Clearance-to-Begin-Processing-Local-Transactions-in-Mainland-China), [American Express](https://www.americanexpress.com/en-us/newsroom/articles/financial-news/2026-chairman-s-letter-to-shareholders.html), [Payments Dive (Mobile Payments Today)](https://www.paymentsdive.com/ex/mpt/news/american-express-launches-pay-with-bank-transfer-for-ecommerce-purchases-in-uk), [Business Wire via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202607210900BIZWIRE_USPRX____20260721_BW220464-1), [American Express](https://www.americanexpress.com/en-us/newsroom/articles/products-and-services/for-the-19th-year-in-a-row--american-express-has-the-lowest-u-s-.html))

## How much does the American Express network carry, and how fast is it growing?

From the FY2025 10-K and the quarterly earnings releases (8-K Exhibit 99.1). Network volumes = billed business on Amex-issued cards plus processed volume on cards issued by network partners and alternative payment solutions.

| Metric | Value | Period | Sources |
| --- | --- | --- | --- |
| Network volumes | $1,897.0 billion in 2025 (up 7%); $1,764.8 billion in 2024 (up 5%); $1,680.1 billion in 2023 | 2023–2025 | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| Billed business | $1,669.8 billion in 2025, up 8% (7% FX-adjusted); $1,550.9 billion in 2024, up 6% | 2024–2025 | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| Processed volume (network partners) | $227.2 billion; 66.2 million cards-in-force issued by third parties, with network partners in approximately 110 countries and territories | 2025 | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| Cards-in-force | 152.8 million, of which 86.6 million proprietary (146.5 million and 83.6 million a year earlier) | December 31, 2025 | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| Average proprietary basic Card Member spending | $25,453 in 2025; $24,608 in 2024 | 2024–2025 | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| Spend mix | Goods and services 74% of billed business, travel and entertainment 26% (73% and 27% in 2024) | 2025 | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| International Card Services billed business | $418.0 billion, up 14% | 2025 | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| Discount revenue as a % of billed business | 2.24% in 2025; 2.27% in 2024; 2.29% in 2023 | 2023–2025 | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| Billed business, Q1 2026 | $428.0 billion, up 10% (9% FX-adjusted) | Q1 2026 | [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000188/q126exhibit991.htm) |
| Billed business, Q2 2026 | $455.8 billion, up 9% (9% FX-adjusted); $883.8 billion in the first half, up 10% | Q2 2026 | [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000318/q226exhibit991.htm) |

## How has American Express acceptance changed as payments go digital?

Locations in force include merchants that accept Amex through payment facilitators and digital wallets, per the company's definition.

| Item | What American Express reports | Date | Sources |
| --- | --- | --- | --- |
| Merchant locations, year-end 2025 | Over 170 million worldwide, including an estimated 37 million merchants in China (including through digital wallets); virtual parity coverage maintained in the U.S. | March 25, 2026 (letter) | [American Express](https://www.americanexpress.com/en-us/newsroom/articles/financial-news/2026-chairman-s-letter-to-shareholders.html) |
| Merchant locations, September 2026 | More than 190 million worldwide, an increase of approximately 20 million locations this year; locations outside the U.S. more than doubled over the last four years | September 28, 2026 | [American Express (Business Wire)](https://www.businesswire.com/news/home/20260925237468/en/American-Express-is-Now-Accepted-at-More-Than-190-Million-Merchant-Locations-Worldwide-Acceptance-Outside-the-U.S.-Has-More-Than-Doubled-in-Last-Four-Years) |
| Growth since 2021 | Locations doubled in Canada, Japan and Mexico, tripled across Europe including the UK and France, and quadrupled in Singapore | September 28, 2026 | [American Express (Business Wire)](https://www.businesswire.com/news/home/20260925237468/en/American-Express-is-Now-Accepted-at-More-Than-190-Million-Merchant-Locations-Worldwide-Acceptance-Outside-the-U.S.-Has-More-Than-Doubled-in-Last-Four-Years) |
| U.S. coverage | Accepted at 99% of places that take credit cards since the end of 2019 | September 28, 2026 | [American Express (Business Wire)](https://www.businesswire.com/news/home/20260925237468/en/American-Express-is-Now-Accepted-at-More-Than-190-Million-Merchant-Locations-Worldwide-Acceptance-Outside-the-U.S.-Has-More-Than-Doubled-in-Last-Four-Years) |
| Transit | Accepted at an estimated 800 or more transit authorities, including networks in Beijing, London, New York, Paris, Singapore, Tokyo and Toronto | September 28, 2026 | [American Express (Business Wire)](https://www.businesswire.com/news/home/20260925237468/en/American-Express-is-Now-Accepted-at-More-Than-190-Million-Merchant-Locations-Worldwide-Acceptance-Outside-the-U.S.-Has-More-Than-Doubled-in-Last-Four-Years) |
| Acquiring partners | Adyen globally, Mercado Pago in Mexico and Argentina, Dojo in the UK; digital-wallet partnerships such as Alipay in China | September 28, 2026 | [American Express (Business Wire)](https://www.businesswire.com/news/home/20260925237468/en/American-Express-is-Now-Accepted-at-More-Than-190-Million-Merchant-Locations-Worldwide-Acceptance-Outside-the-U.S.-Has-More-Than-Doubled-in-Last-Four-Years) |
| China network licence | Joint venture Express (Hangzhou) Technology Services with LianLian DigiTech approved by the People's Bank of China, the first foreign payments network licensed to clear RMB transactions; its network is compatible with the key mobile wallet players in China | June 13, 2020 | [American Express (Business Wire)](https://www.businesswire.com/news/home/20200613005031/en/American-Express-Receives-Clearance-to-Begin-Processing-Local-Transactions-in-Mainland-China) |

## Which digital and non-card payment methods does American Express run?

| Method | American Express's role | Date | Sources |
| --- | --- | --- | --- |
| Pay with Bank transfer (UK) | Open-banking product launched as a Payment Initiation Service Provider under PSD2, letting current account holders pay online from their bank accounts whether or not they hold an Amex card; launch merchants included Hays Travel and JustGiving | September 24, 2019 | [Payments Dive (Mobile Payments Today)](https://www.paymentsdive.com/ex/mpt/news/american-express-launches-pay-with-bank-transfer-for-ecommerce-purchases-in-uk) |
| Pay with Bank transfer today | Account-to-account payments settled in seconds, bank-initiated authentication with SCA, covering almost all UK consumer banks; a digital invoice API also generates QR codes for in-person payments | Undated page, retrieved October 19, 2026 | [American Express UK](https://www.americanexpress.com/en-gb/merchant/pay-with-bank-transfer/merchant/) |
| Wallets and tokens | Cards in Apple Pay, Google Pay and Samsung Pay; the American Express Token Service and Click to Pay on the network side; Send & Split peer-to-peer payments with Venmo and PayPal | Pages retrieved October 2026 | [American Express](https://www.americanexpress.com/us/credit-cards/features-benefits/digital-wallets/instant-approval-credit-card/), [American Express Global Network](https://network.americanexpress.com/globalnetwork/tokenization/), [American Express Global Network](https://network.americanexpress.com/globalnetwork/products-and-services/acceptance/click-to-pay-with-american-express/), [American Express](https://www.americanexpress.com/en-us/services/send-and-split/) |
| Buyer Initiated Payments | Electronic supplier payments as an alternative to paper checks and ACH; BIP Connect links eligible customers to Bottomline's Paymode network, with suppliers paid via Premium ACH | July 21, 2026 | [Business Wire via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202607210900BIZWIRE_USPRX____20260721_BW220464-1) |
| Virtual cards | Amex Corporate customers can create and manage Amex Virtual Cards in the @ Work platform; Business Travel Account customers can create them through Conferma's mobile app; Amex calls virtual cards a fast-growing commercial payment method | August 13, 2026 | [American Express (Business Wire via FT Markets)](https://markets.ft.com/data/announce/full?dockey=600-202608130800BIZWIRE_USPRX____20260813_BW303430-1) |
| Fintech issuers on the network | Coinbase launched its first credit card, the Coinbase One Card, on the American Express network | March 25, 2026 (letter) | [American Express](https://www.americanexpress.com/en-us/newsroom/articles/financial-news/2026-chairman-s-letter-to-shareholders.html) |
| Agentic checkout | The ACE developer kit brings Amex payments into AI-agent experiences with tokenized credentials (covered on the payments AI page) | April 14, 2026 | [American Express](https://www.americanexpress.com/en-us/newsroom/articles/innovation/american-express-debuts-agentic-commerce-experiences--ace--devel.html) |

## How does American Express frame the shift, where does AI come in, and what is not disclosed?

Amex treats the shift as both threat and opening. The FY2025 10-K says card spending could be hit by real-time settlement transactions such as bank transfers and by digital currencies, that companies controlling digital wallets or agentic experiences could suppress use of its products or charge to participate, and that stablecoin use in e-commerce, cross-border and B2B payments has grown. It also notes that open banking could limit the advantages of its integrated payments platform while letting Amex receive data as an authorized third party. ([American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm))

Its answer is acceptance plus the closed loop. Anna Marrs, group president of Global Merchant and Network Services, described a deliberate approach in September 2026: adding acceptance in the cities and categories where Card Members want to spend, through Amex's own acquiring plus bank, fintech and payment facilitator partners. Squeri's 2026 letter says the closed-loop network gives Amex first-party data for personalization and fraud protection. ([American Express (Business Wire)](https://www.businesswire.com/news/home/20260925237468/en/American-Express-is-Now-Accepted-at-More-Than-190-Million-Merchant-Locations-Worldwide-Acceptance-Outside-the-U.S.-Has-More-Than-Doubled-in-Last-Four-Years), [American Express](https://www.americanexpress.com/en-us/newsroom/articles/financial-news/2026-chairman-s-letter-to-shareholders.html))

AI appears where speed meets risk. Amex says its fraud model can decide within milliseconds of a swipe whether a purchase is fraud, and Enhanced Authorization lets online merchants pass extra data, such as email and IP address, into the authorisation decision; Amex reported up to 60 percent less fraud at online merchants using it in 2021. Pay with Bank transfer uses bank-initiated authentication with SCA to reduce fraud. ([American Express](https://www.americanexpress.com/en-us/newsroom/articles/products-and-services/for-the-19th-year-in-a-row--american-express-has-the-lowest-u-s-.html), [American Express](https://www.americanexpress.com/us/merchant/enhanced-authorization.html), [Finextra (American Express press release)](https://www.finextra.com/pressarticle/87881/amex-makes-online-fraud-fighting-tech-available-to-more-merchants), [American Express UK](https://www.americanexpress.com/en-gb/merchant/pay-with-bank-transfer/merchant/))

What is not disclosed: the share of volume that is contactless, tokenized or in digital wallets; Pay with Bank transfer, Buyer Initiated Payments and virtual card volumes; and transaction volumes in mainland China. Amex has not announced a stablecoin product in the sources reviewed. ([American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm), [American Express UK](https://www.americanexpress.com/en-gb/merchant/pay-with-bank-transfer/merchant/), [American Express (Business Wire via FT Markets)](https://markets.ft.com/data/announce/full?dockey=600-202608130800BIZWIRE_USPRX____20260813_BW303430-1), [American Express (Business Wire)](https://www.businesswire.com/news/home/20200613005031/en/American-Express-Receives-Clearance-to-Begin-Processing-Local-Transactions-in-Mainland-China))

## What does the Amex profile record on this topic?

| Date | Move | Detail | Sources |
| --- | --- | --- | --- |
| Jul 21, 2026 | Intelligent buyer–supplier payment capabilities | With Bottomline's Paymode: embedded authentication and fraud controls. | [Business Wire via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202607210900BIZWIRE_USPRX____20260721_BW220464-1) |
| Feb 6, 2026 | 10-K: open banking and the CFPB data-access rule | The 10-K says the CFPB's personal financial data rights rule (under reconsideration since August 2025) and other open banking initiatives could limit the advantages of Amex's integrated payments platform, while letting Amex receive data as an authorised third party. | [American Express (SEC filings)](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| Jun 9, 2023 | Plaid data-access agreement | Amex integrates Plaid (and Envestnet \| Yodlee) into its Account Financials API so Card Members can connect accounts to thousands of apps without sharing their Amex password; Plaid says the OAuth flow covers credit cards and savings and checking accounts. | [Finextra](https://www.finextra.com/newsarticle/42450/amex-inks-data-sharing-deals-with-plaid-and-yodlee), [Plaid](https://plaid.com/blog/financial-access-newsletter-july-2023/) |
| Jan 31, 2023 | Business Blueprint built on the Kabbage platform | The small-business cash-flow hub builds on Kabbage (acquired 2020) and analyses Amex business products together with linked external business bank accounts; the Business Line of Credit reviews linked bank-account data in real time to decide applications. | [American Express (Business Wire via Finextra)](https://www.finextra.com/pressarticle/95627/american-express-debuts-cash-flow-management-hub), [American Express](https://www.americanexpress.com/en-us/business/blueprint/help-center/business-blueprint/linked-account-advantages), [American Express](https://www.americanexpress.com/en-us/business/business-line-of-credit/) |
| Feb 25, 2019 | Joins the Financial Data Exchange | Amex is among 16 new members committing to the FDX API and secure data-sharing standard; its Account Financials API is modelled after FDX working-group APIs and uses OAuth 2.0, OpenID Connect and FAPI for customer-authenticated data sharing. | [Financial Data Exchange (PR Newswire)](https://www.prnewswire.com/news-releases/financial-data-exchange-adds-16-members-300800792.html), [American Express Developers](https://developer.americanexpress.com/open-banking) |

## Common questions

### How much volume does the American Express network process?

Network volumes were $1,897.0 billion in 2025, up 7%, per the FY2025 10-K. That splits into billed business on Amex-issued cards, $1,669.8 billion (up 8%), and processed volume on partner-issued cards and alternative payment solutions, $227.2 billion. Billed business was $455.8 billion in the second quarter of 2026, up 9%.

### How many merchants accept American Express?

Amex said on September 28, 2026 that its cards are accepted at more than 190 million merchant locations worldwide, an increase of approximately 20 million this year, up from over 170 million at year-end 2025. Locations outside the U.S. have more than doubled in four years, and in the U.S. Amex has been accepted at 99% of places that take credit cards since the end of 2019.

### Does American Express offer account-to-account payments?

Yes, in the UK. Pay with Bank transfer, launched in September 2019 with Amex acting as a Payment Initiation Service Provider under PSD2, lets shoppers pay merchants directly from their bank accounts whether or not they hold an Amex card. Amex's merchant page says payments settle in seconds and the service covers almost all UK consumer banks.

### Can American Express process payments in China?

Yes. In June 2020 its joint venture with LianLian DigiTech, Express (Hangzhou) Technology Services, received a People's Bank of China network clearing licence, making Amex the first foreign payments network licensed to clear RMB transactions. Amex counted an estimated 37 million accepting merchants in China at the end of 2025, including through digital wallets.

### How does American Express use AI in digital payments?

Mainly for fraud at authorisation. Amex says its machine-learning model decides within milliseconds of a swipe whether a purchase is fraud, and that it has had the lowest U.S. fraud rate among major card networks for 19 years. Online merchants can add data to the decision through Enhanced Authorization. Agentic payments run through the ACE developer kit.
## Deeper on Amex

- [What is American Express's AI strategy and technology vision?](https://www.bankingnewsai.com/banks/american-express/ai-strategy)
- [What AI patents, partnerships and investments does American Express have?](https://www.bankingnewsai.com/banks/american-express/ai-research-patents-partnerships)
- [How does American Express use AI for fraud detection and credit decisions?](https://www.bankingnewsai.com/banks/american-express/fraud-and-credit-ai)
- [How is American Express preparing its payments network for AI agents?](https://www.bankingnewsai.com/banks/american-express/payments-ai)


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