US-based online, mobile and social payments platform provider Dwolla has introduced a new feature, dubbed the Instant. Via the newly released feature, users will be able to transfer money instantly.
Before the introduction of the Instant capability, users could not transfer funds immediately unless they had money in their Dwolla account. For accountholders from linked credit unions or banks, the transfer process would take up to three days.
The opt-in feature Instant is available to all Dwolla users for a monthly fee of USD 3. When users select Instant, the company will extend a line of credit up to USD500 to the users. In case the Instant balance is not paid back in 30 days, users will have to pay a USD 5 fee per month for each month they have an Instant balance. Additionally, Dwolla allows users to initiate repayment from a linked account immediately following the Instant transfer.
To release this feature, Dwolla has partnered credit card agent-issuing company TMG Financial Services.
Dwolla provides a platform which allows users to send, receive and request funds from any other user. Recently, Dwolla has integrated LinkedIn into its network, thus enabling LinkedIn users to send and receive funds via the social network.