Dwolla is partially financed by The Members Group, an affiliate of the Iowa CU League, and Veridien CU.
DES MOINES – Dwolla, the low-cost mobile payments provider, announced today the launch of what it is calling the first location-based payment technology, which will allows user to check in at various retailers and use their mobile phones to pay for purchases.
The payments start-up, financed by credit unions, says its Dwolla Spots allows users to walk into a store with an iPhone, pull up a map on the phone and click on a participating store's icon and make a payment for a purchase using the phone. The purchase is posted immediately on a computer located in the store. No cash, check or card swipe is needed, eliminating the merchant's cost for hardware, card readers or expensive credit card networks.
The payments will cost consumers 25 cents per transaction.
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.
Dwolla is partially financed by The Members Group, an affiliate of the Iowa CU League, and Veridien CU.
