European payments unicorn Klarna Bank has launched a new free peer-to-peer payment service app Wavy, which will allow customers to send and receive money in an easy and secure way.

Consumers will have to link their bank accounts or credit cards to Wavy in order to generate a payment link, which can be shared directly to another Wavy user or via social media channel.

The recipient can redeem the payment without having to sign up with Wavy, but instead they can receive it through their bank accounts.

Payments are done using EU issued credit cards or SOFORT Überweisung and are settled immediately.

Wavy has been developed by Cookies team, which has shut down its own P2P payment app and joined Klarna late last year.

Klarna Bank CEO Sebastian Siemiatkowski said: “The work of the Cookies team impressed me so much that we wanted to work with them. Since then, within Klarna we have been working to develop a product that truly reflects how people live today and their social interactions.

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“There are no borders in an online context, why should there be in payments? Klarna was founded with the goal to make online payments safe, simple and smooth, Wavy is another step on that journey.”