Say goodbye to writing checks, carrying around cash and IOUs. Bump Technologies, creators of the popular sharing app Bump recently released a new mobile payment app called Bump Pay. With this app, users who have PayPal accounts can now easily send and receive money by bumping smartphones with other users.
Bump Pay is easy to use. No setup or configuration required as it uses your existing PayPal account. All you need to do is download and install the app, type in your PayPal email address, specify the amount you want to send and bump phones with the person you’re sending the money to. Each payment is securely handled and processed by PayPal and if your PayPal account is linked to a checking account, you don’t have to pay any transaction fees.
Here’s a short YouTube demo video from Bump Technologies on how Bump Pay works:
Although Bump Pay offers a free, cool and convenient way to exchange money, it does have some disadvantages. First, you and the person you’re exchanging money with both need the Bump Pay app installed on your smartphone. You can’t send the money and let your friend install the app later on. Second, both parties need to have a PayPal account. Third, both parties need to physically bump phones to exchange money. There’s no option to exchange money wirelessly – via email or text message. So in some instances, it would be easier to just use the PayPal app.
For now, Bump Pay is available only for iOS devices but could probably be made available to Android and other mobile platforms in the near future. Download Bump Pay from the App Store.