PayPal, the company that boasts about providing a “faster, safer way to send money, make an online payment, receive money or set up a merchant account” has released version 2.0 of its iPhone application. The interesting thing is that PayPal 2.0 comes with “bump” capabilities, just like the Bump app.
Here’s the lowdown on how the “bump” feature works. Let’s say you meet your friend Bob, who owes you $100. You take out your iPhone, and launch the PayPal 2.0 application – your friend Bob does the same. To transfer money from Bob’s account to your account, Bob needs only knock or bump his iPhone into yours. That’s right, money is transferred just by knocking the devices together. Of course, this works only if you and your friend both have iPhones.
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There are two other new features available in PayPal 2.0, mainly Split Check and Collect Money. The Split Check feature lets you split up a restaurant bill; the Collect Money lets you bill and collect money from the other people at the table.
“This application is about more than just great features. It’s about managing money and executing a wide range of everyday financial tasks from the iPhone, safely and conveniently. PayPal’s been investing in mobile payments since 2005 but it’s only recently that we’ve started to see mass consumer adoption. Mobile PayPal transactions increased nearly six-fold from $25 million of total payment volume in 2008 to $141 million 2009. We’re making it fast and safe to do your everyday money management on the go – without the hassle of cash, change and ATMs. This is the future of money,” commented General Manager of PayPal’ Mobile Team, Eric Duprat.
The PayPal 2.0 application is available for download straight from the App Store – just click here. You can view the app in action on YouTube – click here.
PayPal, the company that boasts about providing a “faster, safer way to send money, make an online payment, receive money or set up a merchant account” has released version 2.0 of its iPhone application. The interesting thing is that PayPal 2.0 comes with “bump” capabilities, just like the 