Varo Bank rolls out instant payments to users with US Debit Card
By Delisha Fernandes
Varo Bank, an all-digital, nationally chartered consumer techbank in the US, has announced the launch of “Varo to Anyone,” a free, instant payments service that can be sent to anyone with a US debit card.
The payment app, is specifically designed to send payments to anyone with no fees, backed by an FDIC-insured national bank. The speed, cost-effectiveness, and security inherent in Varo to Anyone are made possible by Varo’s national banking charter and distinctive tech bank business model.
“Shortly following the successful launch of Zelle, Varo is continuing its investment and innovation in payments with Varo to Anyone. We are providing the ultimate instant money flexibility, with no fee structure and the security only a bank provides,” said Colin Walsh, CEO of Varo Bank. “Varo to Anyone’s three-month development cycle and no-fee basis truly demonstrates Varo’s bank charter with FDIC insurance in action.”
Customers will find Varo to Anyone on the “Move Money” page inside the app and can send money instantly to anyone with a US bank account, no matter where they bank, by allowing access to phone contacts or inputting the recipient’s US phone number or email manually. After sending the money, the recipient will get a text or email notification about the payment with instructions on receiving their funds by entering their debit card information in the Bank’s portal.
Varo’s focus on technology and machine learning to offer an increasing range of services to help consumers living paycheck to paycheck progress in their financial lives – including higher rate savings, small-dollar advances and lines of credit. By offering a range of cost-efficient instant cash payments with a tech company’s speed of innovation rather than a traditional bank, Varo passes savings on to customers through low-fee or no-fee services.
IBSi Daily News Analysis
December 08, 2023
Most consumers seek safer, easier payment verification, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage