Now you can direct deposit your paycheck through Square

San Francisco payments company Square Inc. is launching a new feature that allows users of its Square Cash app to direct deposit their paychecks without first having an outside bank account.

The move is one more sign that the fintech is looking to own every aspect of the user’s financial experience, without actually functioning as a bank. Once the balance has cleared, Square users can then use the funding to pay other people, transfer funds and even used to buy bitcoin, which we reported on here.