The Cashless Society Conundrum: American Express in an Era of AI The recent investor letter from Bretton Capital Management highlights a growing concern in the financial sector: the impact of artificial intelligence on traditional payment systems.
Specifically, American Express has been named as one of the leading performance detractors due to fears that AI will replace human led transactions. But what does this mean for the future of cashless societies?
At first glance, investors' concerns seem justified. The payments space is a lucrative market driven by growing consumer spending and the shift away from physical currency.