Amazon’s PoS system actually benefits Dwolla
Last week, Amazon revealed a new mobile-payment service aimed primarily at smaller retailers and pop-up stores called Local Register. The service enters a busy marketplace and will have to compete with similar offerings from Square and PayPal. One person who isn’t too worried about Amazon’s recent news, is Ben Milne, CEO and founder of one of the industry’s most daring and exciting start-ups, Dwolla.
In an interview on Fox Business News, Milne discussed that the eCommerce giant’s latest offering is in a completely different space to Dwolla and is more likely to be associated with Square, PayPal, Google Wallet and LevelUp. Milne described that his company sees themselves “more aligned with the Visas and MasterCards of the world.”
Milne, who featured on the Forbes 30 under 30 Finance list, explained that he actually sees the positives in Amazon’s latest release: “Dwolla’s network is built on the internet. So more internet connected devices which process payments is ultimately a good thing for us. It basically creates places for us to actually be embedded with.”
With over five hundred thousand users and thirty thousand merchants, non-profits, and government agencies currently using its service, Dwolla continues to be one of the payments industry’s most fascinating companies. Low prices and simplicity sit at the centre of the Dwolla business model. Whether you are transferring $11 or $11 million, the price of the transaction fee remains at twenty five cents or is free if the transaction is below $10.
Despite the huge stir that Dwolla is creating in the payments industry, Milne states that an acquisition is not on the horizon. Dwolla instead will be focusing on the growth of the network and the platform. As Milne rightly explains, “the need is really big” for lots of competitors in this vast mobile payments market. While Local Register will give Amazon the presence in bricks and mortar retail stores that they so desire, Dwolla will instead continue with their goal to build a universal, accessible payment network that can be accessed anywhere in the world that the internet is available.
In May 2015, Ben Milne will join the keynote speakers of Cards and Payments Middle East. Visit the website to learn more about the Middle East’s largest gathering of the payments and retail industries.