TORONTO – “I forgot my wallet” will no longer stand as a viable reason for skipping out on the bill.
Bump Technologies, Inc., launched Bump Pay this week, a stand-alone app that will allow iPhone users in the U.S. to send money to their friends with a simple tap of the phone.
The app is meant to solve a common social problem, the company said on its blog Thursday – no more awkward endings to meals out and no more keeping track of IOUs.
“Bump Pay solves the problem we all feel every day when splitting a lunch bill or buying movie tickets for a group of friends,” it says on the Bump blog.
The technology was originally created by a Bump developer as an internal company tool so staff could settle up after lunches out. But the staff liked it so much they decided to develop the technology for a wider audience.
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Bump Pay hooks up users to their PayPal accounts. To send money to a friend, open the Bump Pay app on your iPhone, type in the dollar amount, enter the email address of who you would like to send the money to, and then simply ‘bump’ their phone.
Bump says the app will only allow for payments less than $1000.
Security
Bumping technology may initially raise some security concerns, but the company explains on their website that the technology is completely safe. The website states, “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.”
Availability
The app is currently only available for iPhone and iPod Touch users in the U.S. A spokesperson for Bump told Global News the company has no plans to expand into Canada in the near future.
But the technology is yet another step en route to digital wallets that are already popping up worldwide.
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