The popular content-transfer app Bump, has now released a new iOS app called Bump Pay. The app allows users to exchange money by simply by entering the amount they wish to transfer and then just tapping their phones together. Both users need to link the app to their existing PayPal accounts in order for the transaction to work.
Denee Carrington, an analyst at Forrester Research, comments that:
Bump Pay is interesting because of its novelty, which may spur trial, but being within arm’s reach of the person you’re paying back is not always convenient and will limit its usefulness.
Bump Pay will initially be available on the iPhone only.