SOURCE: Dwolla

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March 16, 2011 10:00 ET

Dwolla Releases World's First Proximity-Based Mobile Payments Technology

Dwolla Spots, the First Application to Allow Users to Purchase Goods or Services Based On Their Location Goes Live

DES MOINES, IA--(Marketwire - March 16, 2011) - Dwolla, the first three-in-one payment platform to combine online, mobile and social mediums to exchange cash, released "Dwolla Spots" today. Building on the social behaviors and day-to-day interactions of consumers, the new technology, now available in Apple's App Store, will allow users to complete a retail transaction with their cell phone via their physical location.

"Dwolla Spots represents the first real marriage between the mobile payments industry and location-based technologies, a marriage that leapfrogs NFC and one that we believe will bring the most immediate impact to retailers and consumers looking to take mobile payments," said Ben Milne, CEO and co-founder of Dwolla. "Our flat 25 cent fee per transaction is extremely valuable to retailers that are used to eating 3% of a purchase, plus an additional 30 cents for transaction fees; however, we also wanted to make technologies that consumers would love, so we created an intuitive location-based platform that makes paying with your cell phone a secure and simple experience."

The new application will focus on proximity-based interactions and feature an easy-to-scroll Spots map that will allow users to choose a location, engage in a transaction, and complete a mobile payments purchase, all through their cell phones. Merchants can use a Dwolla compatible platform, such as iOS, Android, or Windows 7 device, to confirm a transaction. Integration within web-based applications and point-of-sale systems are also possible, with new upgrades to both platforms coming later this summer. Just like cash, businesses and vendors receive Dwolla funds in real-time.

"Cash, as we know it, is slowly becoming obsolete as credit card networks continue to digitize our money and our purchasing behaviors," said Milne. "New technologies, like Spots, represent a thought shift that we hope will save cash from extinction; one where orange is the new green."

Availability
Currently, Dwolla Spots is exclusive to the Apple iOS and is available now in the App Store free of charge. Updates to the currently existing Android and Windows 7 applications will be released later this spring.

Features
Pulling in of social contacts
Unlike the previous version, the new iteration will provide users access to their linked social networks' contacts, providing users an intuitive and easy way to send and receive money with anyone in their Facebook or Twitter communities.

Sharing mobile payments with your social communities
Users will now have the option of sharing their payment activity with businesses or friends on their linked Twitter or Facebook accounts.

"Spot" branding
Registered businesses will be able to select their Spot's avatars to differentiate their location from others.

Map Auto-Updates
Dwolla Spots' map is self-aware and will continue to update itself in real-time as new business locations opt-in for the mobile payments service.

"Get Directions"
Upon selecting an establishment, Spots will be able to recommend directions to the selected location.

About Dwolla
Dwolla is the online and mobile cash platform that connects to your social community and location to share and spend money. Using proprietary technology and business partnerships with The Veridian Group and The Members Group, Dwolla allows consumers and organizations to send and receive money from their bank accounts for only 25 cents per transaction, no matter the transfer amount. Unlike traditional payment platforms, Dwolla takes the industry in a new direction by allowing people for the first time to share money with their social networking contacts. Founded in 2009, Dwolla is based in the heart of Silicon Prairie, Des Moines, Iowa. For information about Dwolla and its unique cash platform, please visit www.Dwolla.com.

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