Varo Bank has announced a new free instant payments feature called Varo for Everyone that will allow those with a US debit card to make quick and easy money transfers.
The service will allow Varo Bank account users to send funds to any US debit card holders. Varo to Everyone is FDIC-insured and does not have any additional fees.
Users will be able to find Varo for Everyone on the Move Money page within the app, and will be able to put in their desired payee’s phone number and email address while sending money. The recipient will then get instructions on how to process the payment via text or email.
The feature aims to provide payments flexibility for those living paycheck to paycheck in the US, and offering users cost-effective and accessible payments services.
In 2022, Varo Bank made payments transfer service Zelle available on its mobile banking app.
CEO of Varo Bank, Colin Walsh, commented on new developments in the bank: "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. Varo to Anyone’s three-month development cycle and no-fee basis truly demonstrates Varo’s bank charter with FDIC insurance in action.”