This 28-Year-Old Is Making Sure Credit Cards Won't Exist In The Next Few Years
This article was posted a few days ago. I'm a competitor.<p>Having built the same kind of company from the ground up, I have good reason to suspect that most of Dwolla's transaction volume does not come from mobile payments, if the $350 million / year number is accurate in the first place. Some revenue comes from Bitcoin transactions, which the article doesn't mention, creating the false impression that Dwolla is already a mobile payments juggernaut. It isn't.<p>Dwolla does not integrate with any point of sale systems to the best of my knowledge, which means that the title of this article is basically fantasy.<p>Dwolla is also breaking California law by operating in a manner that allows California users to use the service without a money transmission license. (Having an investor that processes transactions for banks does not make Dwolla exempt. Anyone who doubts this should read the list of exemptions: <a href="http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&group=01001-02000&file=1805-1806" rel="nofollow">http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin...</a>. If Dwolla were considered a bank it wouldn't need a money transmission license in Iowa, which it has.)<p>I'm not a fan of that law, so as of yesterday I've sued the State of California over it.<p><a href="https://www.facecash.com/legal/brown.html" rel="nofollow">https://www.facecash.com/legal/brown.html</a>