PayPal Updates iPhone App, Includes New Look, “Bump” Money Transfers

Today PayPal introduced a significant update to its free iPhone app that not only includes a complete interface overhaul, but some unique new features as well. The most unique addition is the collaboration with Bump Technologies, the company behind the popular contact sharing app, Bump [App Store, Free].

To use “bumping” to send or request money, both users need to be running the most recent version of the iPhone app. Then simply “bump” the phones together, enter the transaction amount and the exchange takes place. It’s the easiest and most clever way to loan cash to a friend… or pay back that loan!

Some of the other new features include sending a money request (or a bill) from within the app, and transfering money from your PayPal account to your bank account. PayPal has also added a bill splitter with a built-in tip calculator, which will let you send requests to friends you’re dining with or pay your share to another PayPal user, plus a reminder function to notify you when you need to send money.

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