News

Five At Five: How Prime Day Helped Amazon — And Its Rivals

Amazon Prime

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.

Wedbush Estimates Amazon Brought in $4.2B in Prime Day Sales

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 Boasts Its Biggest Shopping Day of the Year

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.

DoorDash to Add 600 Cities in 2018 Via SoftBank Investment

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.

CFPB Names Paul Watkins from AZ AG Office As Innovation Head

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.

Nigeria Sees Decline in Banked Adults Thanks to Mobile Money Roadblocks

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.

——————————

New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

TRENDING RIGHT NOW