PayPal’s New iPhone App Allows ‘Bump’ & Transfer Option

PayPal on iPhoneThe dominant online payment facilitator PayPal has had explosive growth in mobile transactions, and now it has unveiled an upgrade to its iPhone app that allows users to “bump” money transfers to each other.
PayPal said its new Version 2.0 lets users tap their iPhones together and quickly transfer between accounts. PayPal, an eBay company, allows members to send money through cash or credit card accounts without sharing personal information.
The upgraded iPhone application has two other features. Split Check lets users divide and reimburse each other “for the coast of a meal, including tip and tax, for up to 20 people,” PayPal said. Collect Money allows users to request money from several individuals for the purpose of getting a “joint gift, team dues, concert tickets, and more.” 
PayPal’s mobile transactions have increased nearly six-fold, from $25 million in 2008 to $141 million in 2009.
PayPal’s expanded iPhone app is also aimed at merchants, the same group targeted by Squareup.com, the startup from Twitter co-founder Jack Dorsey. Square Up requires a small reading device that attaches to the iPhone allowing merchants to take payments by swiping credit cards.
“Today, you leave the house with three critical things: your phone, your wallet and your keys,” said Osama Bedier, PayPal’s vice president of platform and emerging technology. “PayPal Send Money lets consumers access their wallets through their phones. Because with PayPal, the wallet lives in the cloud – the mobile phone is just one device customers can use to access it.”
PayPal has more than 81 million active accounts in 190 markets and 24 currencies.
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