State Bank of India (SBI) has inked an agreement with American Express (Amex) to increase the acceptance of Amex cards in India.
Under the terms of the agreement, SBI will boost both offline (card present) and online (card not present) payment acceptance among merchants in India.
SBI deputy managing director – corporate strategy and new business Manju Agarwal said: "The strategic alliance with American Express will enable SBI to extend to its merchants a cost-effective solution that provides the convenience of one point of contact (POC) for all Card networks, competitive pricing, faster funds availability and consolidated statements etc."
American Express regional president Sanjay Rishi said: "We’re on a journey to ensure that our Card members can use their American Express Cards every day for virtually all their purchases and earn valuable rewards along the way.
"We’ve made great progress expanding our merchant network in places like retail, fuel stations, grocery stores, fast food restaurants, and online merchants, and solidifying a broader presence among small and mid-sized merchants across India is the next step."