American Express Develops a Blockchain Passport, Remain Unaware - It's Not Expected to Draw Attention
American Express, a renowned name in the financial sector, is causing a stir with its latest venture - the AmEx Travel App. This innovative platform is not just a tool for booking premium travel experiences, but also a stepping stone into the digital realm.
The app, which integrates seamlessly with the card issuer's brand, offers benefits such as a rewards program, airport lounges, and included rental car insurance to offset annual fees associated with high-end cards like The Platinum Card and Blue Cash Preferred.
One distinctive feature of the AmEx Travel App is the AmEx Passport. This component uses non-fungible tokens (NFTs) on the Ethereum blockchain. The digital stamps created by AmEx Passport serve as keepsakes every time you use your Amex card while traveling. These stamps are not intended to hold value or be traded or transferred, but rather function as secure and convenient travel memories for users.
The use of NFTs in the AmEx Passport is a subtle way for American Express to test mass-market Web3 launches. The digital stamps are recorded and preserved on the blockchain, specifically on Coinbase’s Base network for lower costs and scalability. This means users can collect these digital stamps as travel memories without needing to manage wallets or keys themselves.
American Express has a history of prioritizing the satisfaction of traveling cardholders, and this new app is no exception. The Passport feature of the AmEx Travel App, currently a basic memory helper, could potentially evolve into a customer loyalty program in the future.
While the crypto connection is not emphasized in the marketing of the AmEx Travel App, American Express is partnering with Coinbase Global to work on Ethereum access for the app. This partnership could pave the way for more significant integrations of blockchain technology in American Express's offerings.
The AmEx Travel App also offers simple data storage functions to its users, allowing them to forget about the technical details. This simplicity is key to American Express testing Web3 at scale, showing how Web3 should work in a simple format. The app can be seen as a professional crypto package, marking an early foray by an old-school financial giant into Web3.
Some retailers may not support American Express in favor of Visa or Mastercard due to lower costs associated with these competitors' transaction fees. However, the lower costs incurred by the AmEx Travel App's integration with the Ethereum blockchain could potentially make it more appealing to retailers in the future.
In conclusion, the AmEx Travel App is more than just a travel booking platform. It's a testament to American Express's commitment to innovation and its entry into the digital age. With its unique features and potential for evolution, the AmEx Travel App is set to redefine the travel industry and the role of blockchain technology in everyday consumer experiences.
