American Express Joins x402, Raises Platinum Card Fee to $895

American Express (NYSE:AXP) has joined Visa (V), Mastercard (MA), and Stripe in backing the x402 Foundation, an AI-driven, open-source payment protocol initiative. The company also raised the annual fee on its Platinum card to $895, marking the first change to this premium product's pricing since 2021.

The x402 Initiative

The x402 Foundation aims to create a decentralized, open payment protocol leveraging artificial intelligence to enhance transaction speed and security. American Express's participation adds weight to the initiative, which already includes major payment industry players.

Platinum Fee Increase

The new fee of $895 applies from July 2026, up from $695. The card offers benefits such as airport lounge access and travel credits, which the company says justify the increase.

Context

These moves come as the payments industry shifts toward digital solutions and open protocols. Raising fees on premium cards reflects American Express's strategy to target high-spending customers.

What It Means for Investors

These steps show American Express responding to technological changes and customer expectations. Involvement in x402 could open new avenues in AI-based payments, while the fee hike boosts revenue from premium customers.