American Express Success story I History I Set Backs I Founder I CEO

This history of American Express has influenced not only the lives of Americans but also the whole of mankind around the world. In 1850, it all started. The company was delivering goods at the time. It became famous for delivering supplies to the Union Army during the American Civil War. Even though American express continued to deliver goods to individuals in the 1880s, its operations began to shift into the financial sphere.

How did the cards come about?

Finally, the company began to specialize in money transfers to the Old World. Families who came to the United States with the new wave of immigration lived there. The company invented traveler’s checks in 1891, allowing people to travel without carrying cash. The tourism and finance industries have since then undergone significant transformations.

When these innovations were introduced to the world, American Express introduced another in-demand innovation: payment cards. They were distinct in that they catered to both travelers and regular people. It started out as a small piece of green plastic, but it grew into a prestigious symbol of freedom over time.

The cards quickly gained popularity due to their convenience. Purchases could be made without the use of cash. Everyone could use this method of payment. Over time, it came to be regarded as a symbol that determined the owner’s social status. It was summed up in a slogan: “I am a creditworthy individual.”

Rejection of banknotes and coins

The introduction of the American express began with money transfers in the 1880s, which gradually replaced cash payments from the grey reality. Because of the card’s appearance, it became possible to refuse coins and banknotes. Plastic payment cards (implementation of non-cash payments), which were not yet understood by the rest of the world, began to function at that time.

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A credit card holder was considered a free person, and it also distinguished people of one social status from those of another. The American Express brand was widely advertised in the second half of the twentieth century. It has been said that a credit card is a symbol of the person who owns it and that this is how membership in a virtual prestigious club is determined. “Membership has certain privileges,” says a well-known ad campaign slogan.

It is now a sort of “financial supermarket” (the owners claim that the company includes a worldwide financial and tourism network of services). It has become very popular since the invention of plastic cards.

Small setbacks

Consumers, on the other hand, perceive American express differently at this stage of development than they did previously. The brand’s exclusivity has dwindled. However, unlike Sean Quinn and other former billionaires, the company did not survive the downfall. Payment cards are now regarded as credit cards, with the primary goal of making payments more convenient.

They have lost their original sign, which indicated the owner’s highest social status, over time. People used to pay for basic necessities such as utilities and food. Because the goal of card advertising is to appeal to the general public, the image of membership in a prestigious club became outdated and forgotten as a result of the changes that occurred in the 1950s. People all over the world began to use new methods to make all kinds of payments after that.

It’s impossible to agree that the company’s meaningful sphere of operation was influenced in any way by the gradual transition of the brand image from individual and exclusive to common. Today, American Express is a well-known company with a steady stream of customers.

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The brand’s current prestige is due to its financial integrity and security, which provides the greatest convenience when making any monetary payments.

Company success secrets

Plastic payment cards and travel checks were introduced into everyday life, demonstrating the company’s foresight. Civilization has had a choice when it comes to non-cash payments since that time.

The ability to grow. Initially, the company was solely involved in cargo transportation, but this did not prevent it from progressing to its current state. It is now available to all consumers and as dependable as possible. American Express has been able to accomplish this by anticipating the needs of a changing market. The brand’s old-fashioned halo of extraordinariness for people of special social status faded over time, but it solidified its position by beginning to serve the general consumer market.