Varo Introduces Free Payments Service to Debit Cards

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;span><&sol;strong> &&num;8212&semi; <u><span class&equals;"xn-person">Varo Bank<&sol;span>&comma; N&period;A&period;<&sol;u>&comma; the first nationally chartered consumer techbank in the U&period;S&period;&comma; has launched &&num;8220&semi;Varo to Anyone&comma;&&num;8221&semi; a free&comma; instant payments service with money sent&comma; received&comma; and stored from <span class&equals;"xn-person">Varo Bank<&sol;span> accounts insured up to <span class&equals;"xn-money">&dollar;250&comma;000<&sol;span>&period; Varo to Anyone transfers can be sent to anyone with a U&period;S&period; debit card&comma; no matter where they bank&period;<&sol;p>&NewLine;<p>Unlike most popular payment apps&comma; Varo to Anyone is specifically designed to send payments to anyone with no fees&comma; backed by an FDIC-insured national bank&period; The speed&comma; cost-effectiveness&comma; and security inherent in Varo to Anyone are made possible by Varo&&num;8217&semi;s national banking charter and tech bank business model&period;<&sol;p>&NewLine;<p>Customers will find Varo to Anyone on the &&num;8220&semi;Move Money&&num;8221&semi; page inside the Varo app and can send money instantly to anyone with a U&period;S&period; bank account&comma; no matter where they bank&comma; by allowing access to phone contacts or inputting the recipient&&num;8217&semi;s U&period;S&period; phone number or email manually&period; After sending the money&comma; 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 <span class&equals;"xn-person">Varo Bank&&num;8217&semi;s<&sol;span> portal&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Shortly following the successful launch of Zelle&comma; Varo is continuing its investment and innovation in payments with Varo to Anyone&period; We are providing the ultimate instant money flexibility&comma; with no fee structure and the security only a bank provides&comma;&&num;8221&semi; said <span class&equals;"xn-person">Colin Walsh<&sol;span>&comma; CEO of <span class&equals;"xn-person">Varo Bank<&sol;span>&period; &&num;8220&semi;Varo to Anyone&&num;8217&semi;s three-month development cycle and no-fee basis truly demonstrates Varo&&num;8217&semi;s bank charter with FDIC insurance in action&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Varo&&num;8217&semi;s focus on technology and machine learning means that it can offer an increasing range of services to help consumers living paycheck to paycheck progress in their financial lives – including higher rate savings&comma; small-dollar advances and lines of credit&period; By offering a range of cost-efficient instant cash payments with a tech company&&num;8217&semi;s speed of innovation rather than a traditional bank&comma; Varo passes savings on to customers through low-fee or no-fee services&period;<&sol;p>&NewLine;