Online broker Robinhood has just announced it will replace debit cards with new Cash Cards with the possibility of receiving cashback in digital assets, The Verge reports.
According to the publication, the offer is focused on the needs of generation Z, which, according to the company’s research, does not favor many banking products.
Special mention must be made to the fact that there are no commissions or interest on Cash Card. When buying goods and services, spending is rounded to the nearest dollar. Robinhood diverts “surplus” to buy stocks or cryptos, depending on the client’s preferences. This option comes with a weekly bonus up to $10.
Those users holding the new card can also organize the transfer of salaries to separate accounts, including for conversion into cryptos.
Cash Card offers a dedicated Robinhood spending account. The company’s existing debit card only offers one account that combines cash and brokerage services.