Midland Credit Union in Urbandale, Iowa, has announced it is rolling out Dwolla – an innovative Des Moines-based online, mobile, social payments platform – to its 4,500 members, according to Midland CEO Becky DeVries.
Dwolla allows consumers and organizations to send and receive money from their credit union accounts for only 25 cents per transaction, no matter the transfer amount. Dwolla also is a pioneer in enabling users to pay their social networking connections from Twitter and Facebook.
DeVries elaborated that the $36 million community credit union decided to adopt Dwolla because “it appeals to the Gen Y age group that is a target for us.”
She said her target was for roughly 10% of Midland’s 2,400 share draft users to adopt Dwolla. “I would love to see over 2,000 Dwolla users.”
DeVries added that she first found out about Dwolla in an article in a local newspaper and when she realized that The Members Group is a key Dwolla partner she decided to investigate whether it would work for her credit union.
Now, said DeVries, “I see Dwolla as the future. It offers much lower costs to merchants.”
“Dwolla lets us give our members next-generation payments tools right now,” added DeVries.