Robinhood Launches Cash Card , To Help People Invest.
Yahoo reports Robinhood's new debit card will allow customers to round up change from their purchases to the nearest dollar to be invested into an asset of their choice.
Yahoo reports Robinhood's new debit card will allow customers to round up change from their purchases to the nearest dollar to be invested into an asset of their choice.
Aparna Chennapragada, Robinhood Chief Product Officer, talked about the new offering with Yahoo Finance.
The next generation has a high interest in investing, but it is out of reach for many because they're caught up in the cycle of spending, Aparna Chennapragada, Robinhood Chief Product Officer,
to Yahoo Finance.
And so we built this spending account and a cash card ... to be able to turn spending into investing, Aparna Chennapragada, Robinhood Chief Product Officer,
to Yahoo Finance.
The Cash Card is also suitable for anyone wanting to invest in cryptocurrency without having to save large sums to purchase bitcoin or ethereum.
The process allows for
micro-investing in crypto and equities.
When we do the user research, we see a debit [card] primary [users], young, next generation of customers who are interested in investing and curious about crypto, but they're not going to spend day and night memorizing hexadecimal incantations, and I think for them crypto is still inaccessible, Aparna Chennapragada, Robinhood Chief Product Officer,
to Yahoo Finance.
When we do the user research, we see a debit [card] primary [users], young, next generation of customers who are interested in investing and curious about crypto, but they're not going to spend day and night memorizing hexadecimal incantations, and I think for them crypto is still inaccessible, Aparna Chennapragada, Robinhood Chief Product Officer,
to Yahoo Finance.
Direct competitors of Robinhood's new investment product are Acorns and Stash.
The Cash Card will roll out to those who are on a waitlist first to gather feedback before becoming available to a wider audience