Amex Sees Long-Term Growth Potential Amid Rising Cashless Economy

American Express is experiencing a growth story that's far from over.

The company has seen a significant increase in new consumer sign-ups, with 65% of its new card holders globally coming from millennials and Gen Zers. This demographic is expected to drive higher lifetime value for American Express as they continue to grow their earnings power.

American Express's CEO, Steve Squeri, has emphasized the company's focus on investing in growth opportunities across its business. The recent refresh of the Platinum card is a clear example of this strategy, aimed at bolstering the company's competitive position.

The rise of the cashless economy has been a significant tailwind for American Express, with payment volume up 9% year over year in the last quarter. As more spending activity shifts from cash and paper-based methods to cards and digital forms, the company is poised to benefit.