RIYADH, 12 November 2006 — In a major move to serve customers in a more sophisticated fashion and to increase its share in the growing Saudi card market, Amex (Saudi Arabia) Ltd., launched the first ever chip-based transparent card with inbuilt ‘ID Keeper’ technology for secure payments here yesterday. The new “Amex Blue Card” will ensure added protection from theft, online fraud and accidental damage.
Addressing a press conference yesterday, Amex CEO Priyan L. Attygalle, said, “The new clear Blue Card, which combines the best form and function, is a stylish card with state-of-the-art technology, making it easy, secure and efficient for everyday shopping, travel or online use... the new card, an industry-first product, has unmatched original features, lifestyle benefits and services.
The briefing was also attended by a number of senior executives including Sami A. El-Natour, Amex head of marketing & public relations; Fahd M. Al-Guthami, head of corporate and merchant relations; and Nizar Abou Hassan, marketing manager. Attygalle, at the very outset, said, “The new card will especially appeal to the youthful audience of the Kingdom, where 70 percent of population is under the age of 30.”
Spelling out the salient features of the new card, Attygalle said, “The card a person carries is not just a payment tool but a lifestyle statement and accessory, keeping in mind the constantly evolving lifestyles. Consumers are making choices based on what distinguish them, such as the cars they drive and the clothes they buy.” He added, “The new card offers a host of benefits to cater to the needs of the consumers.” “The new Blue Card members will get one percent cash back on all his/her purchases,” said El-Natour, adding that Blue Card customers can also withdraw cash from any Saudi Investment Bank (SAIB) ATM and over 500,000 ATMs worldwide.
The card members, who are automatically covered with fraud accident insurance worth SR250,000, can also get legal and medical support during travel.
“This is in addition to our 24-hour customer care assistance, global acceptance, unmatched easy and staggered payment schedule and free additional cards for family members,” said Sami, while explaining in detail the benefits of the new Blue Card. He said, “The new card is a pioneering initiative in every sense, not only in design and value added features, but also in the state-of-the-art technology.”
He pointed out that the chip of the new Blue Card together with the ID keeper stores information securely on the card, making online shopping easy and safe. “Using the optional smart card reader, IDs, passwords, addresses, online forms and payment card details can be filled in securely at the click of the mouse, in the knowledge that they are protected,” explained Sami, while calling customers to experience the exclusive world of American Express benefits and services.
The Saudi card market, targeted by Amex, has been growing at a rate of 40 percent annually despite the fact that cash remains the favored method of payment in Saudi Arabia. The number of cards in circulation exceeded 12 million last year, while the value transaction reached SR230 billion. The value of the card market is expected to grow to an estimated SR323 billion, while the number of cards is predicted to cross 20 million in 2009, according to a Euromonitor International report.
American Express, founded in 1950, is a world leader in charge and credit cards, traveler checks, financial planning, business services, and insurance and international banking. Amex (Saudi Arabia), established in 1999, is a joint venture company equally owned by Amex (Middle East) E. C. and the Saudi Investment Bank. Amex owns and operates the American Express Card and merchant business in the Kingdom.
