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TMGs alternative payments platform adds feature

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DES MOINES, Iowa (3/11/11)--Dwolla, the online, mobile and social payment platform supported by The Members Group (TMG), has released the nation’s first location-based payment technology. Called Dwolla Spots, the technology allows Dwolla users to pay for goods or services on-site with their mobile devices--for a transaction fee of 25 cents. To pay a merchant, a Dwolla user selects the new Spots tab from Dwolla’s mobile application. The customer finds the business on a location-based map and enters 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 a 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 mobile operating system 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. TMG is a wholly owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members.