Dwolla, the first three-in-one payment platform to combine online, mobile and social mediums to exchange cash, have released “Dwolla Spots” . Building on the social behaviors and day-to-day interactions of consumers, the new technology, now available in Apple’s App Store, will allow users to complete a retail transaction with their cell phone via their physical location.

“Dwolla Spots represents the first real marriage between the mobile payments industry and location-based technologies, a marriage that leapfrogs NFC and one that we believe will bring the most immediate impact to retailers and consumers looking to take mobile payments,” said Ben Milne, CEO and co-founder of Dwolla. “Our flat 25 cent fee per transaction is extremely valuable to retailers that are used to eating 3% of a purchase, plus an additional 30 cents for transaction fees; however, we also wanted to make technologies that consumers would love, so we created an intuitive location-based platform that makes paying with your cell phone a secure and simple experience.”

The new application will focus on proximity-based interactions and feature an easy-to-scroll Spots map that will allow users to choose a location, engage in a transaction, and complete a mobile payments purchase, all through their cell phones. Merchants can use a Dwolla compatible platform, such as iOS, Android, or Windows 7 device, to confirm a transaction. Integration within web-based applications and point-of-sale systems are also possible, with new upgrades to both platforms coming later this summer. Just like cash, businesses and vendors receive Dwolla funds in real-time.

Currently, Dwolla Spots is exclusive to the Apple iOS and is available now in the App Store free of charge. Updates to the currently existing Android and Windows 7 applications will be released later this spring.

Unlike the previous version, the new iteration will provide users access to their linked social networks’ contacts, providing users an intuitive and easy way to send and receive money with anyone in their Facebook or Twitter communities.