Transfer money with the tap of a phone

2012-04-09 10:49

Toronto – Splitting the bill at a restaurant or settling road trip expenses can be as simple as tapping two phones together to transfer the funds.

Bump Pay is a new app for person-to-person mobile payments developed by Bump, the makers of the app of the same name that allows the instant transfer of contact information and photos.

“You type in the amount you want to send, you bump your phones together and you’ll be immediately taken to the PayPal confirmation page,” explained David Lieb, the co-founder and CEO of Bump.

With over 85 million downloads in the past three years of the original Bump app, the company is expanding its focus to other areas using their design philosophy, which is to minimize the friction involved in exchanging information and data between people.

And they’re starting with the mobile payments space.

“The pain point we found ourselves saying is ‘I don’t have any cash on me and I don’t know how to give you money for those concert tickets yesterday,’” said Lieb.

Rather than focusing on the retail mobile payments space, Lieb said that the company is concentrating exclusively on person-to-person payments.

“Right now we’re focused on this problem of making it easier for friends and colleagues to pay each other.

Certainly that could lead into other things we could do, but that was the area we found the most pain points in,” he explained.

The service only works with PayPal but Lieb said the company is open to exploring other payment options in the future.

The app was initially created as an internal experiment as part of their Bump Labs initiative, which is experimenting with a variety of projects.

“They’re all related to this core idea of simplifying and speeding up a lot of the interactions that are maybe more difficult than they should be,” said Lieb.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.