Taking a shot at sorting out IOUs between friends comes the Bump Pay app for iOS devices. The application requires users to simply tap their devices together to transfer money.
For the service to function, both parties sending and receiving money need to have the application downloaded onto their devices. The app boasts of being simple to use and allows transferring in around 5 seconds. It functions in a simple manner. To transfer the money, the amount being sent has to be specified, after which the device can be bumped against the other. What’s more, all payments are carried out through PayPal. And yes, that does make it necessary for both the parties to possess accounts that are linked to their PayPal ones.
“Bump Pay solves the problem we all feel every day when splitting a lunch bill or buying movie tickets for a group of friends. Inevitably someone doesn’t have cash, and keeping track of IOUs is a pain,” shares a post on the official Bump blog.
This offering could probably help eliminate the bothers of IOUs to a certain extent. So in case individuals are splitting up lunch bills, they can simply tap their phones to settle the amount. Another advantage happens to be its easy setup, which requires users to simply enter an email address and they’re are good to go. All in all, this could present itself as a neat option for instant exchange of money between pals.
The Bump Pay application is available as a free download on the App Store, exclusively for users in the U.S. Currently, it’s compatible only with Apple’s iPhone and iPod touch.