Bump, the popular sharing app for Android and iOS, has sprung a baby brother in the form of Bump Pay. With Bump Pay, instead of sharing photos and contacts, you can share money. Simply enter the required amount and bump phones with your friend. The money will be transferred from your PayPal account into your friend’s account.
Bump Pay is currently available only on iOS, and can be downloaded as a standalone app from iTunes. It is currently not a feature in the regular Bump app, but rather a Bump Labs project, which is aimed at testing exciting new features for Bump before they are incorporated into the actual app.
In order to use Bump Pay, both parties need to own a PayPal account. Bump Pay lets you choose between two security levels: enter your PayPal account every single time, or let Bump Pay remember your PayPal password. The former is probably the safest way to prevent people from bumping your money. Bump Pay only works in person, of course, and cannot be used to transfer money if you can’t physically bump devices with your friend.
Last year, PayPal incorporated Bump’s API in their own iOS app, which made it possible to transfer money by bumping. That feature is no longer available on the PayPal app, but is now newly available as Bump Pay, and may even be incorporated into Bump in the future.
What do you think of Bump Pay? Will you use this method to transfer money?