Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes the latest developments in fraud, along with Volkswagen’s eCommerce plans. Starbucks has big hopes in China, CVS isn’t sweating Amazon competition and Ingenico inks a new European payments deal.
Losses due to this type of fraud reached $40 million in 2017, an increase from $20 million in 2015 and $27 million in 2016.
The new VW sales model is expected to be implemented in Europe by April 2020, just in time for the debut of the automaker’s new electric ID family.
The company is building a new store in the country every 15 hours, and views boosting growth there as one of its “three strategic priorities.”
Amazon entered into the prescription drug delivery business through its $1 billion acquisition of online pharmacy company PillPack, which took about $12.8 billion in market value from CVS and its rivals.
Ingenico is teaming up with European payments firm Trustly in an effort that lets customers make merchant payments using their bank accounts, the companies said in an announcement.