The money transfer company made infamous by eBay has revamped their app to allow money transfers to happen easier than ever, by adding the "bump" technology feature according to InformationWeek . The feature in Version 2.0 of the Send Money app allows users to move funds quickly between PayPal accounts just by putting the two phones together. The app also includes a split feature that lets users divide and reimburse each other for the cost of a meal, including tax and tip for up to 20 people. Then there is also a third feature named Collect Money, which lets a person request money from multiple people for collective purchases, like gifts from a group. Additionally, gifts of money can also be sent immediately. PayPal mobile transactions jumped dramatically in 2009, up to $141 million in 2009 from $25 million in 2008, according to PayPal. ABI Research predicted that $119 billion will be spent by consumers via their mobile phones through 2015. "PayPal Send Money lets consumers access their wallets through their phones," said Osama Bedier, PayPal VP of platform and emerging technology. "Because with PayPal, the wallet lives in the cloud — the mobile phone is just one device customers can use to access it." Some other various features of the app include the capability to set up reminders for recurring payments and the ability to manage PayPal accounts. For international exchanges, the app also includes a global currency calendar as well as 15 languages. The app does require a PayPal membership as well as a PIN or password for every transaction in an effort to prevent unauthorized usage. The app is free through the App Store. With that, MaclLife readers, have you used PayPal’s app prior to this new update for all your transaction needs? If not, will you now? Feel free to leave comments below! Image courtesy of maldonjewellery.com



