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Secure Transactions News

PayPal bumps iPhones

Thursday 25 March 2010

The new application for the iPhone allows two users to exchange funds by tapping their phones together. With "bump" users can put two iPhones together, and funds are quickly transferred between their PayPal accounts.

The technology behind iPhones bumps comes from Bump Technologies, a company created in 2008. Bump is a quick and easy way to connect two phones by simply bumping them together to exchange your phone number, photos, or compare friends with just a bump. The Bump technology is based on two parts: the app running on your device and a smart matching algorithm running on the company’s servers in the cloud. The app on your phone uses the phone's sensors to literally "feel" the bump, and it sends that info up to the cloud. The matching algorithm listens to the bumps from phones around the world and pairs up phones that felt the same bump. Then Bump just routes information between the two phones in each pair. Early March 2010, Bump had already reached more than 10 million downloads for its contact and data-sharing app. Bump is backed with about US$ 4 million (EUR 3 million) in funding from Sequoia Capital, Ram Shriram, Ron Conway and Y Combinator.

From Paypal standpoint, "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" as said by Osama Bedier, PayPal's vice president of platform and emerging technology.

The Split Check feature lets users conveniently divide and quickly reimburse each other for the cost of a meal, including tip and tax, for up to 20 people. Collect Money allows users to request money from multiple people for a joint gift, team dues, concert tickets, and more. Users can send gifts of money on the spot for birthdays, anniversaries or any moment of impulsive generosity.

The iPhone app also features a global currency calculator and 15 languages. PayPal Send Money requires a PIN or password for every transaction to help prevent unauthorized use. The application is now available to download for free at the Apple iTunes store online or the Apple App Store from any iPhone or iPod Touch.