Bump Labs has thrown all it has on black and is now launching an app that allows people to exchange money by tapping their phones together. The app is called Bump Pay and is built into the company’s existing core technology, which enables two smartphones using the Bump app to transfer data by being tapped together.
The app works by allowing one user to type in the amount of money they would like to transfer, and then tapping that phone against the receiver’s phone. Bump’s software determines which phones collided, and then transfers funds from one user’s PayPal account to the other. If you have enough money for the transaction in your PayPal account or have your PayPal account linked to a bank account, then no fees will be added.
According to Bump Labs, the traditional Bump app has been downloaded by more than 80 million people and is currently used to share millions of contacts and photos each day. With that being said, security has been somewhat of a concern for the new Bump Pay app, although most disputes will be taken up with the credit card issuers and banks, not the company.
Currently the service is only available on iOS devices and will only work with PayPal payments, however it is not out of the question for Bump to consider adding support for other payment methods in the future. Do you think Bump will branch out to Android devices?