Today, we’re excited to announce that you can now use our Pay Friends feature to instantly send money to anyone, even if they’re not a Chime Member! Now it’s even easier to square up the rent with your roomie or split that last round of drinks with your BFF. All you need is their phone number or email address.
At Chime, we work every day to find more ways to simplify your finances so that you can manage all of your expenses in one place. We hope this new Pay Friends update makes your life a little bit easier by eliminating the hassle of dealing with cash or checks.
Why Choose Chime Pay Friends vs. Other P2P Payment Apps
Nowadays, splitting the bill is as easy as sending money through your phone. In fact, 49% of millennials and 44% of Gen Xers now prefer digital payments to cash, which has given rise to many very popular peer-to-peer payment apps (P2P). Here at Chime, we’ve processed over 3.2 million Pay Friends transactions to date. That’s approximately $237 million dollars sent back and forth between friends and family; $30 million of those were just in the last month. It probably makes you wonder, what makes Chime’s Pay Friends so different?
The main difference between Pay Friends and other P2P apps is that Pay Friends is connected to your Chime Spending Account so you’ll have instant access to spend it with your Chime Visa® Debit Card.
Here are 3 reasons to use Pay Friends vs. other P2P apps:
- Money is deposited into your account instantly for transfers between Chime Members.
- No need to cash out or wait for days for funds to arrive in your bank account.
- Chime will never charge you hidden fees to make a mobile P2P transfer or to access the funds from the transfer. Many P2P platforms charge a fee to get your money instantly. Fees can range from a flat fee of .25 cents to 1.5% of the total amount.
- If you pay a friend who is not a Chime member already, you are both eligible to receive a $50 referral bonus when they set up and receive a direct deposit of $200 or more within 45 days of opening a Spending Account.*
How to Start Paying More Friends
- Just log in to your Chime app and tap ‘Pay Friends’.
- Input your friend’s information or select them from your contacts.
- Send them the amount you owe.
Piece of cake, right? 🍰Your friend will receive a message with directions on how to sign up for a Chime Spending Account and claim their cash if they don’t have a Chime Spending Account**.
Who knows, you just might become better friends afterwards.
(Pay Friends Infograph Here – submitted separately see Infographic – Pay Friends)
*In order for both parties (the referred friend and the referring Chime member) to qualify for and receive the $50.00 referral reward, the following conditions must be met: the referred friend must open a new Chime Spending Account using the referring Chime member’s unique referral link after June 1, 2008 and receive a payroll direct deposit of $200.00 or within 45 days from when the Chime Spending Account was opened. The payroll direct deposit of the referred friends must be made by their employer, payroll provider or payer by an ACH deposit. Bank ACH transfer, Pay Friends transfers, verification or trial deposits from financial institutions, transfers from PayPal or Venmo, mobile check deposits, and cash loads or deposits do not qualify as a payroll direct deposit. Referring Chime member must be part of the $50.00 for Payroll Direct Deposit referral reward campaign in order for both parties to be eligible for the $50.00 referral reward. The referral reward per calendar year (January 1, 2018 – December 31, 2018). Referred friend acknowledges that payment of the referral reward may result in the referring Chime member’s knowledge of you establishing an account with us. Chime reserves the right to cancel or modify the referral reward terms or terminate the member’s eligibility, at any time with or without prior notice. This offer is neither sponsored nor endorsed by The Bancorp Bank. Credits of $10 or more must be reported on tax form 1099-INT. Each eligible referring Chime member may earn no more than $500.00 in referral rewards per calendar year (January 1, 2018 – December 41, 2018).
**In order to complete the payment, the non-Chime member must apply and be approved for a Chime Spending Account within fourteen (14) days to complete the transfer and access the transferred funds. If the non-Chime member does not apply and get approved for a Chime Spending Account within fourteen (14) days of initiating the payment, then the payment will be cancelled, and the Friend Transfer dollar amount will be returned to the existing Chime member’s Chime Spending Account.
Pay Friends and any transfers made with Pay Friends are subject to the Deposit Account Agreement.