PayPal lets iPhone users ‘bump’ money away

 

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By Hani Megerisi

Posted on 17 Mar 2010 at 13:47

PayPal has overhauled its iPhone app to include ‘bump’ technology.

The free application allows people to transfer money between two different accounts simply by tapping their iPhones together.

PayPal insists that the new payment method is secure, and that thieves won't be able to empty a person's account if they get hold of their iPhone. Users will be required to login with their email address and password every time they use the app, as well as enter a special PIN code.

There is no possibility of losing money through... other people’s actions

“No personal details or bank details are held on the phone,” said PayPal's head of public relations Rob Skinner. “There is no possibility of losing money through... other people’s actions.”

A number of other features have also been added to the iPhone app, allowing users to split bills and payments between up to 20 people, as well as a service to request payment from multiple PayPal users. It also includes an international currency feature that calculates exchange rates for foreign transfers.

“We’re seeing a large increase in people using their phones for things they previously didn’t,” said Skinner. “Now you can send money quickly through the app without having to go through banks, waiting for cheques to clear.”