BumpPay, the newest app from BumpLabs, allows users to pay each other back by tapping phones together. Released Thursday and available for iPhones and Androids, the app allows users to easily split a bill at dinner.
The app uses sensors on the phone and Bump's cloud services to transfer money through PayPal after users tap phones together, providing a solution for people who don't have cash on hand. This uses the same technology as its predecessor, Bump, which lets people share contacts and photos. Bump Labs decided to introduce a new app instead of including it in the original Bump app as part of a targeted effort to make it more user-friendly and to gauge specific interest in this service.
BumpPay is available for free download, and charges no service fees except for those included in PayPal. According to Bump CEO and co-founder David Lieb, the app differs than similar competitors like Square because rather than focusing on retail transactions, they aim to "solve the person-to-person problem," he told ABC News. "You bump phones and that is it."