Dwolla, the online cash transfer startup based in Des Moines, rolled out mobile access today to Instant, its most popular feature release yet, on its iOS (left) and Android apps.
Announced in December and made available to a limited amount of users through its website, Instant takes the wait time out of adding cash to a Dwolla account by giving users immediate access to a line of credit up to $500. Users must opt-in to Instant. If it’s turned on, it costs a user $3 per month. For users not using Instant, it can take two to three days to transfer funds into a Dwolla account. The startup worked with its investor and strategic partner TMG Financial Services, a sister company of The Members Group of Des Moines, to offer Instant.
“What’s really powerful about this is that Instant in its very essence has always been something meant for mobile,” Jordan Lampe, Dwolla’s director of communications, said by phone Tuesday. “Mobile represents a cross section between instant gratification and now money.
“For us, this is really kind of bringing Instant to life for those that have it.”
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Lampe said that though it’s now live on three of four Dwolla platforms – online at Dwolla.com and on iOS and Android apps, but not yet on Windows Phone – the feature itself isn’t available to all users. High demand has made Dwolla and its partner TMG throttle its release. When a user signs up for Instant, TMG, the credit issuer, checks a user’s credit history and other risks factors to determine the amount of their line of credit. Lampe declined to give the current number of Instant users or how many have signed up for the service. Dwolla had 70,000 users as of December, the startup reported.
Also included in today’s release was a major update of the Android app, which Lampe said would finally match the iPhone. On Twitter, Dwolla has already received one compliment on the update. “I’m liking this whole Android overhaul. Well done!” Jon McDonald said.
Check out the video below for a demo of Instant on iOS given by Dwolla CEO Ben Milne at the Dwolla Meetup on December 15.
For more on Dwolla Instant, see our posts, “Dwolla unveils ‘Instant,’ immediate access up to $500 for flat monthly fee” and “Dwolla Meetup wrap-up: ‘Instant’ photos, videos and articles abound“, and other coverage on TechMeme.
