‘WE ARE IN A MARKET THAT IS ON STEROIDS'

From being the exclusive privilege of a few, American Express wants to reposition itself in India as a credit card for the aspiring affluent and tap into the country’s growing consumerism.

- Aveek Datta

EVER SINCE IT FOR AYED into the Indian market in 1993, U.S. banking major American Express (Amex) has been known as the banker for the crème de la crème of the country—moneyed industrialists or professionals at the top of the corporate ladder. Its credit card was much sought after: many wanted it, but only a few were picked, that too, by invitation from the bank or existing cardholders, apart from high parameters for eligibility.

Not anymore. Amex in India, like in other parts of the world, is seeking to broaden its scale, reach and relevance, says Manoj Adlakha, 53, CEO of American Express Banking Corp. in India, in an interview with Fortune India.

Amex wants to be part of the young, aspirational professional’s spending habits and remain with them even after they become successful and wealthy in their later years, Adlakha says.

The bank is coming out with different products, expanding its merchant base, and rewards catalogue, and even tying up with other banks to offer its credit cards to a wide cross-section of the upper middle-class in the country. And the growth in noncash transactions since demonetisation is helping its cause. Edited excerpts:

Of late, we have seen Amex aggressively marketing its products in India through television and outdoor ad campaigns as well as on-the-ground activities. What is the objective?