Robinhood Pilots Same-Day Cash Delivery in NYC
Hey FinTech Fanatic!
Robinhood wants those customers who still use cash. They are testing a new feature that delivers money directly to people's homes.
The online brokerage company partnered with Gopuff, a delivery app, and will deliver money in sealed bags.
The service is only available in New York City for now, but it's expected to expand next year to San Francisco, Philadelphia, and Washington, D.C.
Gopuff said that deliveries usually take about 30 minutes on average, and expects cash deliveries to follow a similar timeframe.
Although the future of money and banking seems to be digital, 71% of Americans over the age of 50 say they always keep cash on hand.
Cash usage has remained consistent over the past years. Since 2021, the average number of cash transactions per customer has held steady at seven per month, according to the Federal Reserve Bank of Richmond. It now accounts for around 14% of total payment transactions.
Security and safety are key concerns, but according to Robinhood, feedback has been positive.
Keep reading for the full story and your daily FinTech dose 👇
See you tomorrow!
Cheers,
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