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Payment systems

A customer receives US notes from a teller at the Dahabshill money transfer office in Mogadishu, Somalia, Feb. 16, 2015.

Mobile money transfers have taken off in Somalia, but it’s a risky business

Technology

Bills? Groceries? School fees? Many Somalis have gone cashless, opting to use their mobile phones to send and receive money instead. But one study shows that the system lacks regulations and accountability.

Behind Bank of America’s decision to charge debit card fee

Business, Economics and Jobs
ApplePay

Your total is $57.67 — will that be cash, credit or phone?

Technology
Bitcoin promoter Charlie Shrem walks out of federal court in Lower Manhattan on September 4, 2014. A judge later sentenced Shrem to two years in prison for aiding illegal transactions.

Quoting Spiderman didn’t spare a Bitcoin evangelist from prison

Technology

New York could move Bitcoins out of the shadows and into broad acceptance

Business, Economics and Jobs
Most of the original Bangla-Pesa notes were confiscated by police when Ruddick and others were arrested. Since then, the community has had to print new notes with holograms and security seals to prepare to relaunch the program.

An African slum lacked cash, so people made their own

Business, Economics and Jobs

What do you do when there’s plenty to sell but no money to buy? A Kenyan slum started making their own paper vouchers to jump start the local economy. Then they got arrested for bank fraud.

Congress Investigates The Digital Currency Bitcoin

It’s been a huge month for the virtual currency Bitcoin, which is a form of cryptocurrency. Bitcoins are digital coins you can send through the Internet. They can be transferred from person to person without going through a bank or intermediate financial authority. They can be used in every country, and shared through any computer […]

Scams abound targeting holiday shoppers’ personal information

Business, Economics and Jobs

Scam artists are trying to take advantage of the holiday season to get your personal information. Audri Lanford from Scambusters.org has information on some of the biggest scams and best ways to avoid them.

Petition against Bank of America debit card fee goes viral

Business, Economics and Jobs

An angry Bank of America customer has launched an online petition to protest the bank’s planned debit card fee of $5 per month. Almost 225,000 people have signed it.

Government gives prepaid debit cards for benefits, consumers get slapped with fees

Business, Economics and Jobs

More than 40 state governments now have contracts with banks to give unemployment benefits on pre-paid debit cards. Banks are cashing in on the game with fees.