Previous issues of Bits about Money

Mortgages are a manufactured product

Mortgages are popularly thought of as loans, but to understand the industry, it's better to model them as complex manufactured products.

The secondary market in gift cards

Gift card marketplaces largely (and surprisingly) match professional buyers and sellers of gift cards, rather than casual users. This creates an interesting ecosystem in the shadow of large retailers.

The fraud supply chain

Fraud is largely conducted by professionals operating in specialized firms, which have their own ecosystem of evil.

Payments in Japan

The payments industry in Japan is evolving rapidly. Some trends are globally relevant.

How credit cards make money

Credit cards make money through net interest, interchange, fees, and marketing contributions.

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