Customers have been using Zelle to make payments through their bank’s app or website for a few months now. Zelle, formerly known as clearXchange, has been launched as a standalone app now. Anyone can use the service through their Visa and Mastercard debit card accounts, regardless of their financial service provider.

CNN Money reports that the service, for Android and iOS users, is backed by more than 30 American banks, and will directly rival popular existing payment apps like PayPal’s Venmo, Apple Pay and Square Cash.

Early Warning, the bank-owned firm behind Zelle, is betting that its backers offer it crucial advantages, including free near real-time transfers. Paul Finch, CEO, Early Warning says, “Our partners are revolutionising banking, reducing friction from finance, and making it convenient to send money in the moment. The Zelle App is a perfect complement to the network banks and credit unions as it allows their customers to reach millions more with the power of Zelle.”

With Zelle, you can transfer funds from your checking account to another person’s in minutes. No ne – neither the person sending nor the one receiving the money – needs to sign up and create an account. The app is set up to work with your checking account at a participating bank. All you need is that person’s email address or phone number. Zelle will automatically send that person a text or email with a link saying that they have a payment waiting for them. All they need to do is accept. You can also request funds from another person.

Zelle is confident users will choose their service over competitors due to its convenience and confidence that their information is being protected by a bank.