The membership effect is part of an Amex epiphany. The company has millions of members and millions of merchants. Viewed from a platform and ecosystem perspective this “membership” is an economy in its own right. American Express can match its consumer-side needs with its merchant-side capabilities and grow both. In fact it could be the new Amazon without the need for warehousing.
What’s not to like about it? There are difficulties and opportunities here, though, and I want to touch on just three of those.