PayPal lets you ‘Bump’ to pay your bills with your smartphone

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The Independent Online

Mobile PayPal users can now simply tap their devices together to pay for goods, services and bills with PayPal's updated iPhone application.

Version 2.0 of PayPal's iPhone application was launched on March 15, giving mobile users more options to pay for goods and services on their device.

The app has been completely redesigned to make it easier to transfer money between PayPal accounts. It also prominently highlights the wireless information transfer features developed by mobile startup company Bump Technologies.

With Bump integrated into the application, PayPal customers can wirelessly transfer contact information (like the email address needed to send or receive money transfers with PayPal) from one device to another by bumping the phones together.

The new app also lets consumers withdraw funds from their PayPal balance, request money and set payment reminders.

There is also a handy feature that will help those who like to dine out at restaurants and don't like to carry their wallets with them. The 'Split the Check' tool will instantly divide the bill into equal parts, calculate the tip and send a request to your friends for their share of the bill.

Mobile payment options are becoming increasingly popular across the world as people search for easy (and instant) paper money-less payment options.

In the search of a mobile payment system that could work on the go, Twitter co-founder Jack Dorsey recently started a mobile-based payment company called Square.

Square is a mobile application that lets individuals and companies instantly accept credit card payments via their mobile device. It works with the aid of a small card reading device that plugs into your mobile's audio input jack.

The PayPal application can be downloaded from the iTunes App store for free. Square is currently in limited beta testing and should be rolled out to the larger public in 2010.