American Express introduced a blockchain-based travel passport; however, users are unlikely to perceive any changes.
American Express, the multibillion-dollar financial services company, has entered the world of blockchain technology with the launch of its new travel app. The AmEx Travel App offers high-end travel experiences, including a unique feature that utilises Ethereum's blockchain and non-fungible tokens (NFTs).
The app's standout feature, known as AmEx Passport, creates digital stamps as keepsakes for travelers. These digital stamps, technically NFTs on the Ethereum blockchain, serve as a personalised memento of one's journeys. The AmEx Travel App also uses Ethereum's ERC-721 tokens for personal notes, further integrating blockchain technology into the user experience.
AmEx Passport is not a venture into the crypto market for American Express, as the company is not emphasising the crypto connection in its marketing. However, the app's Ethereum access is sped up by its partnership with Coinbase Global, a leading cryptocurrency exchange platform.
The AmEx Travel App is more than just a test of blockchain technology; it's a simple and effective way to test Web3 at scale. This innovative app comes with a host of benefits for its users, including rewards programs, airport lounges, and included rental car insurance, all available through high-end cards like The Platinum Card and Blue Cash Preferred, which come with beefy annual fees.
American Express, with a market cap of $238 billion, charges above-average transaction fees from retailers. Despite this, some retailers refuse to support American Express cards in favour of lower-cost Visa or Mastercard options.
Ethereum, the blockchain used in the AmEx Passport feature, currently has a market cap of $548 billion. The day's range for Ethereum is $4,522.50 to $4,636.49, with a current price of $4,542.40, a decrease of -0.77%. The volume of Ethereum for the day is 27,229,349,662. The 52-week range for Ethereum is $1,398.62 to $4,946.05.
The blockchain technology research lab within American Express responsible for developing the digital stamps is called Amex Ventures. This venture underscores American Express's commitment to innovation and staying at the forefront of technological advancements.
In conclusion, the AmEx Travel App offers a unique blend of traditional travel benefits and cutting-edge blockchain technology, providing users with a memorable and personalised travel experience.
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