Dwolla, the online, mobile and social payment platform supported by The Members Group (TMG), today announced the release of the nation's first location-based payment technology.
Called Dwolla Spots, the technology allows Dwolla users to pay for goods or services on-site - and for a flat transaction fee of 25 cents. Marketed to both consumers and businesses, Dwolla Spots creates a convenient and inexpensive way to exchange money on location from a mobile device.
To pay a merchant, a Dwolla user selects the new Spots tab from within Dwolla's mobile application. Paying the merchant is as simple as finding the business on a location-based map and entering the transaction amount. The funds are sent to the business in real-time.
"To remain a part of everyday financial transactions, credit unions and community banks must find ways to partner with emerging payments providers like Dwolla," said Brian Day, TMG product development architect and author of the newly released white paper, "Maintaining Your Foothold in the Payments Ecosystem." "TMG is working closely with Dwolla to create the kind of technology that will become indispensable to the contemporary consumer."
Currently, Dwolla Spots is exclusive to the Apple iOS and will be released later this month in the Apple App Store. Updates to the Android and Windows 7 versions will debut later this spring.
In addition to the launch of Dwolla Spots, Dwolla announced an improvement to the platform's social networking integration. The platform is now capable of pulling users' social contacts directly into the Dwolla account, making it even easier for users to send and receive money from their Facebook friends and Twitter followers.