Amex India Kills Reward Multiplier Program Amid Industry Shift

American Express India's Reward Multiplier program will cease to exist on September 30, 2026. This means that users who relied on the service for accelerated rewards points through affiliate links will have to adjust their shopping habits.

The company is encouraging customers to use its remaining proprietary platforms, ShopWise and RewardXcelerator, which operate on a voucher-based system. However, this shift may add 'friction' for consumers, as they'll need to purchase digital gift cards before making transactions.

This move reflects a broader industry trend where banks are shifting towards proprietary models to manage transaction costs and data. While the competitive landscape remains active, with other issuers offering similar affiliate-based models, American Express users may experience an impact on their card's value proposition.