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- Robinhood is preparing a new feature that would allow users to get their paychecks direct-deposited up to two days early.
- It was discovered by developer Steve Moser, who first shared the news with Bloomberg.
- For now, the feature is called Early Direct Deposit. The code suggests it will charge no fee.
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Robinhood Markets is preparing a new feature that would allow users to get their paychecks direct-deposited up to two days early as the mobile app strives to be the all-in-one destination for money matters, Bloomberg first reported Wednesday.
The feature, discovered by developer Steve Moser, was seen inside the beta version of an upcoming iPhone app.
For now, it is called Early Direct Deposit. The code suggests it will charge no fee. The new feature will be available within the app's existing direct deposit feature.
"Now you can get paid up to two days early," a message inside the app said. "Because eligibility depends on your employer, we'll let you know if you can get paid early on your next pay cycle."
Shares of Robinhood edged higher finished the day 0.6% higher after the report.
Moser is also the developer who discovered that feature that will let Robinhood users invest their spare change into select stocks back in July. He also shared this first with Bloomberg.
Features being tested do not always result in them being permanently rolled out. Still, the codes hint at how Robinhood is innovating and updating the service for its millions of active users.
The popular online trading platform has, in the past, said its long-term goal is to be known more than an investing app.
"What I tell you is that over the long-term, our attention is to be the single money app," CFO Jason Warnick said during the company's second-quarter earnings call. "That implies more products, more features, and innovation ... We want to be the single place that our customers go to for all things money."
If implemented, the new feature will rival existing ones from the likes of payments giant PayPal.
Another feature Moser recently discovered is voice verification. This will let users record their voices so they will be recognized and verified in future calls - a feature banks have had in place for several years.