Posted 12/13/2012 at 7:16 AM
Posted 5 years ago
Dwolla, a Des Moines, Iowa online and mobile payments startup, has launched a new feature today called Dwolla Pound that lets you send money to others via Twitter.
The feature ties a Twitter account with a Dwolla account, allowing users to send money with nothing more than a single 140-character tweet. According to a spokesperson quoted by mobilepaymentstoday.com, Dwolla Pound is simply a “weekend project” designed to demonstrate the value and convenience of the Dwolla platform and it’s API.
“This makes it easy to send money to friends, nonprofits or even merchants without having to login to the Dwolla mobile app,” says a company blog post. And indeed, it does. To be able to send money a user will first need to link their Dwolla and Twitter accounts using their PIN code for Dwolla. Once this has been done, it is simply a case of sending a tweet including the necessary information: Twitter handle, dollar amount, and the hashtag #dwolla. That is pretty much it. The money will then be sent to the receipts Dwolla accounts for them to use as they so desire.
In order to receive money, the recipient will also need to have a Dwolla account; this makes the new feature a clever marketing tool as well, and will encourage those that don’t already have accounts to join those that do.
Given that tweets are public, Dwolla Pound is not a payment system that you are likely to want to use to pay bills; but for sending small amounts of money to friends and charities, the features ease of use is certainly going to be appealing. Buying things and sending money online has become as normal as handing over cash at Wal-Mart, and with the popularity and growing influence of social media, I can easily see this sort of payment arrangement going mainstream too.