Bump extends app technology to mobile payments with Bump Pay

A simple way to pay your friends back

Bump, the app that enables people to exchange contact information with a tap of their phones, is launching Bump Pay, a new iOS app that enables people to bump mobile phones to send and receive funds to each other. The payment is processed through PayPal and funds of up to $1000 can be transferred. The app is a free download and there is no fee to transfer funds if the PayPal account is loaded with funds or is linked to a bank account. Payments with credit/debit card are charged 2.9% plus a fee of $0.30. Restrictions on the app include it only being available to US Apple devices and can only be used between two people with PayPal accounts.

We’re trying to solve the problem of ’Oh, I don’t have cash, can I put it on your credit card and pay you back?’” said Bump co-founder and CEO David Lieb. “The idea behind the app is to make it as simple as possible to pay your friends back when you split the bill.”

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