American Express launches credit cards to tap high-end customers

American Express Co, the largest credit-card issuer by purchases, is seeking to extend its service to young affluent consumers in China, hoping to tap into their purchasing potential in outbound tourism and cross-border online shopping.

The company launched two credit cards in partnership with Bank of China, the country's fourth-largest lender by assets, on Monday.

Cardholders can enjoy benefits and services such as lodging privileges, cash rebates, airport shuttle service, free international Wi-Fi, dining discount, global medical assistance and emergency rescue services, according to the company.

Dave Keung, managing director for China at American Express, said the two credit cards will target young customers who are travel lovers and enthusiasts of online shopping.

"While maintaining our leading position among high-end customers in China, we are hoping to capture quality customers from different walks of life with strong spending power and sophisticated demand for lifestyle-related products and services," Keung said.

China has become one of the fastest growing markets for American Express. The number of its Chinese clients and the transaction value have increased substantially over the past four years, Keung said without offering the market data.

The company acknowledged the rapid development of mobile payment services led by Chinese third-party payment companies such as Alipay, the digital wallet run by e-commerce giant Alibaba Group, and WeChat Wallet owned by Tencent Holdings.

"We hope to form complementary partnerships with local third-party payment companies. The ideal situation for us is to turn our competitors into our partners," Keung said.