Payment gateway and service provider PayPal has launched version 2.0 of its Send Money mobile commerce application, which supports transfers by “bumping” iPhones together as well as other innovations.
Version 2.0 of the PayPal Send Money app gives iPhone users access to their PayPal account and additional features for bill splitting and money collection.
The “bump” feature in the new PayPal app allows you to send money to another person by simply entering an amount and gently "bumping" your iPhone against theirs.
An additional, “Split Check” feature lets users divide and reimburse each other for the cost of a meal, including a tip, for up to 20 people.
The “Collect Money” feature allows people to request money from multiple people for a joint gift or product.
According to recent Gartner research, smartphone sales reached 172.4 million units in 2009. A similar study by ABI Research study in February 2010 projects consumers worldwide will spend $119 billion by 2015 through their mobile phones.
At PayPal, mobile transactions have increased from $25 million in 2008 to $141 million in 2009. The eBay-owned company also provides merchant services for large enterprises.
Managing director of PayPal Australia, Frerk-Malte Feller, said: “Today, you leave the house with three critical things: your phone, your wallet and your keys.”
“With PayPal, the wallet lives in the cloud -- the mobile phone is just one device customers can use to access it,” Feller.
Other features of the Send Money app include reminders for recurring payments, donations and PayPal account management. A PIN or password is required for every transaction.
The free Send Money application is available for the iPhone through the App Store. It is also available for Android and BlackBerry handsets.