Welcome to Five at Five, your late look at payments and commerce news. Coverage includes Karen Webster’s discussion of the benefits available to Amazon Prime members at Whole Foods. In addition, Wells Fargo is offering revamped rewards, Zillow has CPFB news, blockchain is powering cross-border transactions and Chinese tech investments are at risk.
To provide Prime members with additional perks at Whole Foods, Amazon is rolling out an expanded discount program starting on Wednesday (June 27). Karen Webster discusses what that means, and why she is convinced that Amazon and Whole Foods — and the launch of these Prime Member Deals at the grocery market — are not only about converting Whole Foods shoppers into Amazon Prime customers.
Wells Fargo said the rewards card has a $0 annual fee and gives credit cardholders three times the rewards on eating out and ordering in, travel and transit, and streaming services, as well as one times the rewards on other purchases.
Zillow said that, in February, it received a Notice and Opportunity to Respond and Advise (NORA) by the CFPB, with the letter alerting Zillow that the bureau was considering whether or not to recommend legal action against the company.
The companies said it marks the first blockchain-based, cross-border, digital wallet remittance service globally and provides a fast, secure, transparent and low-cost way to transfer money directly between people in Hong Kong and the Philippines.
The U.S. Treasury Department is reportedly gearing up to announce rules that would prevent companies with 25 percent or more Chinese ownership from purchasing a U.S. company that has “industrially significant technology,” Reuters reported.