Sending and receiving money has never been so easy and quick. A new iPhone app called Bump Pay lets mobile users transfer money instantly with a simple tapping of phones.
To use this app, you and the person to whom you want to transfer cash just need to open Bump Pay, hold the phones, and gently bump hands. You should feel your phone vibrate when you bump, and then you’ll see the other person’s email address appear at the top, and you will be taken to the PayPal confirmation page, where you can transfer cash.
“There are two parts to Bump: the app running on your device and a smart matching algorithm running on our 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 we just route information between the two phones in each pair,” the Bump Pay team further explains.
Bump Pay just uses the connection power of Bump to send your email address to someone else for a PayPal transaction. Each payment is handled and processed entirely by PayPal.They protect your financial information with industry-leading security and fraud prevention systems. After a transaction has been completed, PayPal will e-mail you a receipt unless you have disabled this feature in your PayPal account settings.
The retail mobile payments space is crowded with products like Square, PayPal Here and Intuit’s GoPayment; Bump, on the other hand, is concentrating exclusively on person-to-person payments.
“Right now we’re focused on this problem of making it easier for friends and colleagues to pay each other. Certainly that could lead into other things we could do, but that was the area we found the most pain points in,” explains David Lieb, the co-founder and CEO of Bump.
The Bump Pay service is currently available for use only in USA and can be used to only send payments of amount less than $1000.
Find out more about Bump Pay here.