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AMERICAN EXPRESS COMPANY | ANNUAL REPORT 2014 10
our early integrations with Foursquare, Facebook, Twitter and TripAdvisor.
This year, we launched a new mobile loyalty program with Uber. Our
integration with the Uber app lets AmEx Card Members earn double
Membership Rewards points or redeem points for rides.
In another significant partnership, we joined forces with Apple Pay. Apple
has designed a simple, secure, user-friendly payments feature into its
latest-generation iPhones. We believe that integrating our capabilities with
Apple Pay can help fuel our growth in mobile payments.
We are also active in the startup community. Through our AmEx Ventures
team, we’ve invested selectively in a range of startups at the intersection
of commerce and data science, from mobile rewards platforms to
personalized recommendation engines to in-store retail analytics.
Whether by swiping a card, clicking a mouse or tapping a mobile phone,
how and where you choose to transact is up to you. Our job is to make it
secure, easy and rewarding.
To help us do that, we have the most diversified product set in the
payments industry — a broad range of proprietary, co-brand and network
products. These products are characterized by strong economic returns
that enable us to oer attractive value propositions backed by industry-
leading service. From time to time, in situations where we see those
economics change for the worse, we need to adjust.
That’s pretty much the story behind our highly publicized split with Costco
in the U.S., a 16-year relationship set to end on March 31, 2016. It’s not easy
to see a longstanding partnership end. But when the numbers no longer
add up, it’s the only sensible outcome.
We are proud of the value that we created over many years for our Card
Members, our shareholders, and for Costco. The product development,
marketing and servicing skills we brought to the table all played a critical
role in making this a successful portfolio.
The Co-Brand Space & Our Diverse Product Set