Des Moines, Iowa-based payments innovator Dwolla announced on Oct. 22 a rollout of a new credit product that will allow approved customers to access credit and spend it online at a network of merchants.

"Credit is not new, but providing it on a real-time network that replaces interchange fees and positions credit to evolve is, and that's what Dwolla Credit does," said Ben Milne, CEO and founder of Dwolla, in a prepared statement. "Dwolla Credit places millions of dollars in immediate buying power right at the fingertips of a network at a transaction cost that's next to nothing and in a way that's as simple as logging into your email."

Traditional interchange charges are replaced in Dwolla Credit purchases with a flat 25-cent fee, and transactions under $10 are free.