The Des Moines-based Dwolla Corporation recently launched a new service allowing customers with smart phones such as iPhones and Androids to pay for items at checkout counters with their phones.

The product was released nationwide Wednesday, Dec. 1 and may eventually render credit and debit cards obsolete.

Dwolla CEO Ben Milne said it is the first application of its kind to reach the public.

Milne, 28, previously owned an audio equipment business and came up with the idea for the application two years ago out of frustration with high fees he had to pay credit card companies to simply process a purchase.

The application is available for download on Dwolla’s website, www.dwolla.com.

Dwolla is a peer-to-peer payment platform that allows users to exchange money quickly and safely at a low cost.

Payment service is 25 cents every time a customer uses Dwolla, regardless of how much the customer spends.

Mobile payments can often provide a less expensive option for businesses.

Banks across the nation are incorporating mobile devices and social networks into their businesses as the technology gains increasing popularity.