Robinhood plans early-deposit feature that rivals PayPal, banks


New points: People wait in line for T-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after its IPO. The app is looking into cash management services. ― AFP

NEW YORK: Robinhood Markets Inc is working on a new feature that lets users receive their paychecks via direct deposit up to two days early, stepping up competition with companies like PayPal Holdings Inc and Wealthfront Corp.

Work on the new service was discovered inside of a beta version of an upcoming update to the company’s iPhone app.

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