NEW YORK—A new P2P player has entered the U.S. market.
Varo Bank has launched a free instant payments service, Fintech Global reported.
Known as “Varo to Anyone,” the service will allow users to send payments to anyone with no fees, backed by an FDIC-insured national bank.
Varo to Anyone transfers can be sent to anyone with a U.S. debit card, no matter where they bank, Fintech Global said.
“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.
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