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Bitcoin wallets get a key approval in Switzerland
Bitcoin companies offering virtual wallets sometimes face a difficult legal question: do they have to operate as a bank (with all the regulation that entails), or can they function as something else? In Switzerland, at least, that matter is settled. Xapo has received "conditional approval" for running its bitcoin wallet service from the country. It'll have to participate in a self-regulatory organization and meet other unspecified terms, but it won't have to secure a banking license. As of now, it's classified as a financial go-between.
Sweetgreen will stop accepting cash payments in 2017
Money makes the world go around, but it's not always necessary to have greenbacks in your pocket any more. Healthy fast food joint Sweetgreen has revealed that it's going to stop accepting cash payments at the majority of its stores in 2017. The company told Business Insider that health fiends looking for some greenery will need to have a credit card or smartphone in order to buy anything.
HSBC trialling app that automates your savings
While all the major banks have pretty good online facilities, there's a whole breed of nimble startups using mobile apps and bank account data to create new, more personalised money management services. Hoping to learn some new tricks, HSBC announced today it has partnered with one of these fintech pups, Pariti, to launch a standalone iOS app geared towards "micro-savings." The SmartSave app, which you can link to any bank account HSBC or otherwise, will automatically transfer money into savings or investments accounts based on user-defined rules.
Barclays' new ATMs let you withdraw money with your phone
Contactless technology is, we're told, destined to replace physical currency. In the meantime, you'll soon be able to use your phone to withdraw cash from an ATM -- if you're with Barclays that is. The banking giant announced today that it's in the process of rolling out new in-branch cash machines that will let you withdraw up to £100 with your smartphone or contactless card.
You can now tell Siri to send money via PayPal
Siri is still very much a walled garden, but Apple has slowly begun opening its voice assistant to third parties. At its WWDC keynote back in June, the company confirmed app makers could let iPhone and iPad users send and receive money via Siri, with Square Cash and Monzo becoming the first to tap into that functionality. Now, bigger players are tapping into hands-free money transfers, after PayPal announced it too now lets users in over 30 countries send and request money via using only their voice.
Tesco Bank breached: Money stolen from 20,000 accounts
The UK's Tesco Bank has confirmed that tens of thousands of its customers' current accounts were compromised over the weekend, leading to fraudulent withdrawals to the tune of several hundreds of pounds, in some instances. Suspicious activity was seen across some 40,000 accounts, with money taken from around 20,000 of those, the bank's chief exec told the BBC. In reaction, Tesco Bank has temporarily frozen all online payment facilities for current accounts, and guaranteed affected customers will receive full refunds as soon as possible.
Scribd adds unlimited access to 'New York' and 'Time' magazine
Last summer Scribd axed romance novels because it couldn't afford them. Business has apparently stabilized because now it's adding magazines to the fold. Not those types of magazines, though. Starting this month, what's being added to the subscription-based reading service is unlimited access to publications Bloomberg Business Week, Fortune, Money, New York, People and Time. The magazines are a value-add and won't bump the existing $8.99 monthly fee, according to Wall Street Journal.
Swiss rail stations will sell bitcoins at ticket machines
Switzerland is stepping up its bitcoin fascination in a big way. Railway operator SBB (with the help of SweePay) is launching a 2-year trial for a service that lets you exchange Swiss francs for bitcoin at any of the company's ticket machines in the country. Scan a QR code with your phone and you can get between 20 to 500 francs ($20 to $505) of digital currency at any time. If you want to go shopping without using cards or physical cash, you can do it right after you leave the train station.
Bitcoin mining just became less rewarding, on purpose
If you have computers chugging away as bitcoin mining machines, don't be surprised if your output just fell through the floor. Reuters notes that code built into the digital currency system has cut the mining reward in half as of July 9th. Where there were previously 25 bitcoins (roughly $16,000) to be mined every 10 minutes, you now have to fight over 12.5. The measure automatically kicks in every four years as part of an attempt to curb inflation that would come from both a growing number of miners and ever-faster computers.
Cryptocurrency raider takes $60 million in digital cash
A cryptocurrency is only as reliable as the technology that keeps it running, and Ethereum is learning this the hard way. An attacker has taken an estimated $60 million in Ethereum's digital money (Ether) by exploiting vulnerabilities in the Decentralized Autonomous Organization, an investment collective. The raider took advantage of a "recursive call" flaw in the DAO's code-based smart contracts, which administer the funds, to scoop up Ether many times in a single pass.
Bitcoin will pay for public services in a small Swiss town
Most experiments in paying with digital currencies have come from private companies, but the Swiss town of Zug is trying something different. As of July 1st, the community is launching a trial that will let you pay for public services using Bitcoin -- as long as you're shelling out the equivalent of 200 francs ($206 US) or less, you can skip old-fashioned money. The trial will run through the rest of 2016, though whether or not it lives beyond that depends on the town council's findings.
Square's money-sending app now holds on to your cash
Square Cash is all well and good if you want to send money to someone right away, but what if you want to set something aside for later, such as paying back a friend? You're covered after today. Square has updated its Android and iOS apps to introduce the optional Cash Drawer, which holds on to the money you receive in one handy place. In other words, it's a bit like PayPal and other digital wallets. You can withdraw money whenever you need it, and you'll soon have the choice of adding money from your own bank account. And don't worry, this is optional -- if you use Square Cash precisely because it's not a go-between like PayPal, you can carry on as usual.
PayPal's redesigned mobile app makes money transfers easier
If you're a fan of sending money with PayPal while on the go, a new version of the company's mobile app aims to make the task easier. As you might expect, handling transactions is the most popular task for the software, and the redesign makes those controls the main attraction. The home screen now shows recent transactions, recent contacts and allows you to quickly resolve any pending requests. In fact, separating transactions based on what's pending and what's completed is a welcome change that should make keeping tabs on your finances a bit easier. It's also easier to pay for things like Yelp Eat24 orders with the app. For Android users, PayPal says it improved fingerprint scanning for more devices, too.
Monopoly money is no more in the new Ultimate Banking edition
Hasbro has released a new edition of Monopoly called Ultimate Banking, that should help keep familial infighting to a minimum. Instead of paper money, which can easily be laundered or stolen when you aren't looking, this new edition uses debit cards. It also does away with the easily-corrupted Banker position, replacing the human with an electronic card reader (aka an ATM).
Visa wakes up to the sound of the internet
If you had to name the pre-eminent internet payments platform, you'd probably say PayPal -- a fact that sends Visa executives into a frenzy. That's why the big V has announced that it's embracing this new-fangled interweb thing that it's just now heard about. The firm has announced the launch of Visa Developer, a way to open up the financial giant's infrastructure to anyone who wants to use it. If you're a company that wants to sell stuff, you can hook your products up to Visa's back end and get all of its skills with very little effort.
Apple fined $347 million for Italian tax... irregularities
Apple's Italian subsidiary has reportedly been slapped with a €318 million ($347 million) bill for failing to pay tax in the country. According to the BBC and La Repubblica, authorities found disparities between the amount of money it brought in and the amount it handed over between 2008 and 2013. In that five-year period, it's believed that the firm paid just €30 million ($33 million), significantly less than the €880 million ($961 million) it's believed to have owed.
Soon Google Wallet will send money via text messages
A forthcoming update to Google's Wallet app will drastically change how users send and receive money using it. Instead of needing the recipient's email address, the app now only requires a phone number. When sending money this way, the recipient will receive a text message with a secure link. They then simply enter their debit card number to receive the funds, which transfer to their checking account in minutes. That seems a heck of a lot easier than the current method where both parties have to have the app installed on their phones and have a bank account linked to it.
Shift is a debit card for your bitcoin wallet
Even though the banking industry and US regulators are getting on board the bitcoin train, actually spending your hard-mined bitcoins can be a bit tricky. Luckily, Coinbase debuted a solution on Friday: the Shift debit card. It's the first such bitcoin-based debit card issued in the US and is backed by VISA. With it, bitcoin users will be able to shop at both on- and offline stores -- basically anywhere that VISA is accepted. The card is linked to your Signing up for the card simply requires filling out this form and paying the $10 issuance fee (in bitcoin of course).
Winklevoss twins get approval to run their bitcoin exchange
After several months of waiting, the Winklevoss twins (they who claim to have invented Facebook) have the all-clear to run their Gemini bitcoin exchange. New York state's Department of Financial Services has granted a license to Gemini that lets it run as a chartered trust when it launches on October 8th. This doesn't make it a full-on bank, but it'll have the authority to accept deposits, make loans and serve as an agent for the government across 26 states and Washington, DC. All told, this takes bitcoin one step closer to legitimacy -- important when the virtual currency world still tends to be defined by scandals. [Image credit: Noam Galai/Getty Images for TechCrunch]
Bitcoin Ponzi scheme operator pleads guilty to fraud
Digital currencies like bitcoin are still marking many firsts, and that unfortunately includes the first crimes. Case in point: Trendon Shavers has pleaded guilty to the first-ever US securities fraud charges involving bitcoin. The Texan was accused of operating a Ponzi scheme that swiped more than $4.5 million from investors. He promised enormous returns on investment (a whopping 3,641 percent per year) to those who helped fund a stock market campaign, but was really using the money from newer customers to pay existing ones. To no one's surprise, this deception didn't last long. Nearly half (48) of the 100 investors suffered losses, and Shavers even used $147,000 of their funds to buy himself luxuries like a BMW M5 sedan.
