Founded by Ben Milne, Dwolla could mean the end of credit cards for online payments. The idea is to simply link your bank account to your Dwolla account and make your payments directly in cash. Best of all, Dwolla only takes 25 cents for each transaction regardless of the amount being processed.
Ben Milne: Ultimately we're trying to build the next Visa, not the next PayPal. We're building a human network based on how we think the future of payments will work. The current model needs to be blown up.
Dwolla started out of my old company. I owned a speaker manufacturing company and we sold everything directly through a website. I got really obsessed with interchange fees and how not to pay them. Every time a merchant gets paid with a credit card they have to give up a percentage. In my case, I was losing $55,000 a year to credit card companies. I felt like they were stealing from me -- I was getting paid and somebody was taking money out of my pocket.
So I thought, how do I get paid through a website without paying credit card fees? We pitched a bank, and amazingly enough they said, "We'll give it a shot."
That was three years ago, so we've been working on the project for a really long time. In December of last year we figured out how to legally do what we do.
|Blend Your Own Whiskey with Whisky Blender|
|Fact and a Photo, Everyday|
|Shake the Staggering Beauty Vigorously|
|McDonald Killed the Hipness of Free Wi-Fi|
|Google's Self-Driving Cars Giving Rides to the Public|
|"Academics who study basic income said the pilot gives a chance to see how the idea plays in a changed economy."|
|"It’s appealing to imagine a world where artificial wombs grow babies."|
|"You look in the mirror and see your body and your face and you think that’s you—but that’s really just the machine you’re riding in."|
|"This created a bubble, and like housing, that bubble has now burst."|
|Where AI is Currently At|
|"John Deere is the largest operator of autonomous vehicles."|
|"A spacecraft may be possible that could maintain a steady acceleration into and through interstellar space without the need to carry along propellants."|
|Religious Loophole to Turn Lights On and Off During Shabbat|
|"Super-detailed scans of actual human brains that run as models on computers"|
|The End of Doodling|