In a marketplace crowded with payment options of a thousand different stripes, traditional credit cards are beginning to look increasingly old-fashioned. In fact, despite rising spending amongst Millennials and Generation Z, younger consumers as a whole tend to eschew credit cards in favor of newer, digital-first payment methods.
That’s where San Francisco-based credit fintech Cardless comes in. Thanks to a newly announced partnership with American Express, shoppers using the Cardless platform will be able to reap all the benefits of a traditional credit account from a major financial institution while enjoying all the perks of modern digital money management.
“The agreement empowers some of the country's most celebrated brands—including travel providers and retailers—to seamlessly launch digital-first cards leveraging the Cardless platform, backed by benefits, offers, and security of the American Express network,” said a press release from the startup, which continued, “The company also received a significant investment from Amex Ventures, American Express' strategic investment group.”
According to the press release, new and existing Cardless users will be able to use their app to apply for a digital card and have it appear in their digital wallet in seconds. Users will also have access to rewards programs and bill payment options.