Welcome to Five at Five, your late look at the payments and commerce news of the day. Coverage today digs into the results of Prime Day, and shows what the Amazon event means for its competitors. A big food delivery company has even bigger plans, the CFPB has innovation news and Nigeria seems to be hampering the growth of mobile money, a move that could slow financial inclusion efforts.
The eCommerce operator reportedly shipped more than 100 million products during the 36-hour event. As well, small and medium-sized business sold more than $1 billion of products on the platform.
Target was just one retailer that offered special deals on Tuesday to compete with Amazon Prime Day. Walmart also promoted free two-day shipping, and cut prices on Google Home devices as a counter to Amazon’s Echo sales.
The funding will enable DoorDash to boost its market share. The food-delivery company currently serves around 1,200 cities in Canada and the United States, and plans to add as many as 600 cities in 2018.
The Office of Innovation was recently created to focus on a new priority for the agency: encouraging consumer-friendly innovation. That work was previously done under Project Catalyst.
The government in Nigeria has prevented network operators from applying for mobile money licenses that will enable consumers to make cash transfers without having a bank account.