It seems like each new feature Square adds to its Cash app brings it one step closer to being a de-facto bank account for its users.
Case in point, the app just rolled out support for ACH direct deposits, meaning users can now get their paycheck or other deposits put directly into their Cash app balance.
Like other features in the peer-to-peer payments app setting up direct deposits is almost too simple. After accepting a disclosure you’re given an account number and routing number, which is all an employer needs to start making direct deposits. Users get a notification when deposits hit their account, and all funds get added to their normal Cash app balance – meaning it can be sent to a friend, spent using a debit card, used to buy bitcoin or withdrawn to another account.
This feature combined with the Cash app’s debit card now means that the app can essentially provide all the basic functions of a bank account, assuming you don’t need to…