While the concept of peer-to-peer lending is nothing new, taking the idea social is. With Dwolla, consumers can send and receive money to their friends through Facebook and Twitter.
Recently launched, Dwolla has developed a way to easily move money through America’s two largest social networks. By simply linking a checking or savings account to Dwolla and then linking your Dwolla account to Facebook or Twitter, any of your contacts even if they do not have a Dwolla account can begin to send or receive money from you.
First covered on Mashable.com, they also point out that P2P lending is nothing new, but also highlighted that Dwolla isn’t the first to launch a social payment platform. Pay Me, launched a Facebook App in 2007 that used Paypal to handle transactions and a few months ago we highlighted that Paypal is planning on taking social payments very seriously this year with a number of new platforms.
No transaction happens without a fee
As with the banks or any financial transaction platform, the usually revenue model is based around fees, and Dwolla is no different:
Cost to send money: $0.00
Frequency: Per Transaction
Cost to receive money: $0.25
Frequency: Per Transaction Exceptions: If sending party selects to assume costs of the transfer, the receiver will not be charged.
Cost for auto withdrawal: $0.00
Frequency: Each time an auto withdrawal is initiated.
Cost for manual withdrawal: $0.00
Frequency: Each time a manual withdrawal is initiated.
Cost to open Dwolla account: $0.00
Frequency: When a new account is created.
Cost to add bank account to Dwolla account: $0.00
Frequency: When a new account is added for transferring funds.
Cost to request funds with invoice attached: $0.00
Frequency: Each time a request for payment of an invoice or money request is initiated.
Would you use the service? Let us know what you think?