Holders of American Express Platinum Card who make purchases of over CHF 300 (EUR 306) will now enjoy annual Global Platinum credit to the value of CHF 100 (EUR 102). They will also benefit from perks at Globus stores (e.g. a 2% loyalty bonus and travel offers), as well as membership of Globus Pluscard Platinum.
Globus CEO Franco Savastano said, as reported by PressePortal, that the company is ‘pleased with this new partnership to bring together the many benefits for American Express Platinum Card holders, which will allow us to offer them even more exceptional shopping and leisure benefits.’ Swisscard CEO Guido Müller says that the company is ‘pleased to expand [its] network with the addition of Globus, a well-known brand, close to customers, that shares the same goal."
Swisscard AECS is owned by American Express and Credit Suisse and manages over 1.5 million credit cards and American Express acceptance points in Switzerland. It is notable as the only card issuer in the country to offer all three of Visa, Mastercard, and American Express.
Founded in 1907, department store Globus operates via 10 stores as well as online, and employs nearly 1800 people. Since spring 2020, it has been a member of the group of high-end shops owned by Thailand’s Central Group and the Austrian SIGNA.
Switzerland’s luxury goods market raked in revenue to the tune of USD 4.29 billion this year, according to research by Statista, and is expected to grow at a CAGR yearly rate of 6.27% between 2002 and 2027. Over 13% of the market’s revenue this year is expected to come from online sales. Luxury fashion is the biggest segment of the market, valued this year at USD 1.46 billion.
The total value of card transactions in Switzerland came to USD 123.4 billion last year, according to figures from GlobalData. GlobalData highlights the rise in use of payment cards in the country, citing factors including the state’s encouragement of cashless payments as well as the ‘high financial awareness’ of the Swiss population and the growing shift towards digital banking.
On average, a Swiss individual holds over two cards. GlobalData also notes the increasing penetration of alternative payments methods, with Google Pay having been introduced to the country in 2019, and Samsung Pay in 2017.
Last week, India’s central bank lifted the ban imposed on American Express, which had been in place since May 2021. The restrictions, which had also applied to Mastercard and Diner’s Club, had been introduced due to the companies’ failure to comply with data storage norms.
The Reserve Bank of India (RBI) said that American Express had now demonstrated ‘satisfactory compliance’ with the rules.
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