Robinhood competes with PayPal on new early-deposit feature

  • Robinhood announced that it plans to implement a new feature that allows users to receive their paychecks via direct deposit for up to two days early, Bloomberg reports, citing people familiar with the matter.
  • The early-deposit feature, dubbed Early Direct Deposit, will not have fees, and "because eligibility depends on your employer, we'll let you know if you can get paid early on your next pay cycle," a message inside the app will read.
  • Of course, Robinhood (NASDAQ:HOOD) is now in competition with other platforms that offer similar banking features like PayPal , Wealthfront, Chime, and traditional banks, Bloomberg notes.
  • Shares of HOOD erase most of its gains shortly after the release, but still elevated intraday, while PYPL is in the red today as it's apparently testing the ability for users to send tips using bitcoin.
  • Developer Steve Moser discovered the new feature inside of a beta version of an upcoming update to the Robinhood App; upcoming features such as the ability to invest spare change and new protections against cryptocurrency volatility were previously discovered in a beta version of the App, Bloomberg said.
  • The App also indicates that Robinhood (HOOD) is also creating a voice verification feature for its phone customer service; several traditional banks have had this feature for years, Bloomberg reports.
  • "We want to be the single place that our customers go to for all things money," Bloomberg highlighted, Chief Financial Officer of Robinhood Jason Warnick said during the company's Q2 earnings call.

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