updated 3/2/2011 11:46:43 AM ET 2011-03-02T16:46:43

DES MOINES, Iowa, March 2, 2011 (GLOBE NEWSWIRE) -- 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.

About TMG

TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members. As a financial and credit union service organization (CUSO), TMG is dedicated to providing innovative and flexible card processing and payment solutions to credit unions and financial institutions across North America. TMG's core products include credit, debit, ATM and a variety of ATIRA-branded prepaid solutions, as well as online reporting, ACH and ALM services. For more information, visit www.TheMembersGroup.com.

About Dwolla

Dwolla is the nation's only online, mobile, and location-based 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 .

Media Contacts
Kelly Moore (for TMG)     

Jordan Lampe (for Dwolla)

This information was brought to you by Cision http://www.cisionwire.com


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