American Express: Evolving through the ages
One of the world's most recognisable brands began as a delivery business in 1850.
SAY the words American Express, and credit cards immediately come to mind. But set the clock back by 165 years, and a different - and lesser-known - story emerges.
Established in New York in 1850, American Express Company began as a quick-delivery business. Whether on horseback or by stagecoach, delivery men transported letters, parcels, gold, and other goods throughout the United States. The fledgling group capitalised on shortcomings in the government-run postal service - which was slow, expensive, and non-existent in many areas - and quickly grew in success.
It later diversified into the financial services space, introducing the world's first traveller's cheque in 1891. American Express also entered the travel business in 1915, undertaking elaborate tours to Europe, South America, and Asia. In fact, the company became synonymous with luxury travel after its 1922 charter of the first around-the-world cruise - a four-month, 30,000-mile voyage that included a stop in Singapore.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules