Online and mobile payments platform Dwolla, who previously made waves by avoiding debit card fees and accepting $10 transactions free of charge, launches yet another groundbreaking service that can potentially change the game across competing platforms: Dwolla Instant, where users with an internet connection can have instant access to cash anytime, anywhere. Instead of having to wait for the next paycheck to come their way, users can be assured that Dwolla can cover up to 500 USD instantly, with a mere fee of $3 per month.
Interested users may enroll with Dwolla and pay the monthly fee, and the service may be turned on and off without any penalties. Upon enabling the service, the user can send money to pay for a product or service, or even deposit money to another bank account in an instant. Dwolla will require the source of funds for the initial transaction, which will then be linked to a user’s “Instant Balance.”
The infographic below best explains the simplicity of using Dwolla for instant financial needs: