On came an era when paper checks got an alternative in form of debit and credit cards. On came rolling down the mobile or internet era which made payment transfer and acceptance in form of a digitized form and then…

A whole new way of sending and receiving payments while keeping things social. Dwolla has introduced a new payment system which allows users to send money to friends or socially connected people through Facebook and Twitter. A totally brand new system which might sweep a great number of users from other networks as the service promises to make things a whole lot easier.

Dwolla would act as a peer to peer payment platform with its services now available in all 50 U.S. states and offering support for social networks such as Facebook and Twitter.

Paypal has for long allowed users to send and receive funds to one another via the net. Paypal has managed to expand services to hundreds of countries worldwide and is trusted by millions.

Facebook and Twitter users who sign up with Dwolla, can send friends a message with a link which attaches the Dwolla payment. Critics eye it as a much secure process compared to standard web-based transactions and merely at a cost of 25 cents per transfer.

Making things simple, Dwolla charges the nominal fee to the sender, if both of them manage a account while if only the sender has a Dwolla account, the receiver pays the fee.

Dwolla is also made available on Apple’s iPhone or iPad as well as Androidmobile devices.

via [Associated Press]