Earlier this week, digital bank Chime revealed that you can use their platform to pay anyone. Chime users can send money to anyone, “even if they’re not on Chime.” As noted by the banking challenger, the users can claim funds to their bank account “instantly and for free.”
As mentioned in a blog post by Chime:
“Pay Friends is this awesome way Chime members can send and receive money fee-free. Up until now, Chime members could only give and get money with friends that had a Chime account. That all changes today (as of April 13, 2021). Because Chime is better with friends, members can spread the love (and money) to anyone regardless if they have a Chime account or not.”
Chime confirmed that you can send funds to “anyone and everyone.” The banking challenger also addressed some potential concerns and questions from consumers by noting:
Ok, we know what you might be thinking:
- “They have to be on Chime to receive money?” “Nope. They don’t need to be on Chime or download an app. They can claim funds instantly¹ to their bank account using a valid debit card.”
- “I still have to use other payment apps.” “Again, nope. You can send money to anyone, whether they’re on Chime or not, all within the Chime app.”
- “One of us will be charged a fee.” “Gasp, no! Fee-free means no fees to you for sending and no fees for them to claim funds instantly.”
To learn more about how this all works and certain terms and conditions, check here.
As previously reported, Chime has been holding discussions with investment banks regarding a potential stock market flotation, which may value the Fintech at over $30 billion. This deal could materialize at some point later this year, according to Reuters which cited sources familiar with the matter.
Since beginning operations back in 2012, Chime has become one of the fastest-growing Fintechs in the US.
San Francisco-headquartered Chime CEO Chris Britt had noted in September 2020 that he was planning to get ready for a possible IPO in the coming year. It now seems that these preparations have started so that Chime can capitalize on the growing trends towards digital banking.