Mobile payments company Dwolla has hit $1 million in daily transactions after seven months in business. By comparison it took Jack Dorsey's Square 10 months to hit the same figure.
Unlike Square and other competitors, Dwolla's system bypasses credit and debit networks and takes payments directly from the user's bank account. Dwolla also combine this with social networking and location-based tools. For instance, users can transfer money to their Facebook and Twitter contacts. The system also means that merchants can accept payments without having to install new equipment.
Dwolla still faces challenges though as they have been slow to win over merchants and lack the big name of Dorsey.
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