NEW YORK—American Express’ acquisition of Tock is another indicator of its emphasis on delivering premium experiences to its clients, according to a new report.
“Tock works with high-end restaurants, and the $400 million acquisition is neatly aligned with Amex’s penchant for dangling luxury experiences in front of its card holders,” Payments Dive said.
Amex is buying Tock from Squarespace, which bought the reservation platform in 2021.
Additional Plans
The credit card company also said it plans to buy the Washington D.C.-based payments platform Rooam for an undisclosed sum. Rooam offers point of sale software to restaurants.
A recent projection from the National Restaurant Association expects Americans to spend $1.1 trillion at restaurants in 2024, the largest total since the group started making projections in 1970, Payments Dive added.