The Globe and Mail reports in its Thursday edition that Wealthsimple Technologies is promising Uber-like delivery of cash to customers' doors and paperless cheques as part of its next push to become a serious digital challenger to Canada's big banks. The Globe's Clare O'Hara and Sean Silcoff write that the Toronto-based on-line financial services provider unveiled the two banking products Wednesday along with an upgrade to its zero-fee chequing account. Wealthsimple said it will add home cash delivery to its chequing account services -- in both Canadian and U.S. dollars -- and the option to write and send paperless cheques, bank drafts and wire transfers all from a mobile phone. Chief executive officer Michael Katchen also revealed the company's first unlimited cashback credit card and a secured line of credit that will be instantly approved against assets held by customers. Mr. Katchen said Wealthsimple is "reinventing" the bank experience to be frictionless and free. Power Corp.-backed Wealthsimple hinted that its delivery service could be similar to Mexico's Rappi, which allows clients to request cash be withdrawn at an ATM by a rideshare driver. The company then charges a 5-per-cent fee and users can tip the driver.
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