Bump Pay Allows You to Transfer Money to a Friend with a Tap of the Phones
Kevin Young — March 29, 2012 — Tech
References: itunes.apple & mashable
Now you can get paid or pay a friend back on the spot with this new feature called Bump Pay made for iPhones and Androids. Once a feature on an app, Bump is now stepping out to launch a standalone app.
Bump Pay makes it easy so you don't have to run to the bank and waste time, as it lets you pay someone by tapping both phones together. All there is to it is typing in the amount you'd like to transfer; the money is then sent through PayPal, where they take care of the rest of the process. There are no fees for Bump Pay, which is sort of ironic considering its purpose.
“We think of Bump Pay as solving a specific problem — helping people repay each other in person after having dinner or after paying for gas on a road trip, ” says Dave Lieb, CEO of Bump.
Bump Pay makes it easy so you don't have to run to the bank and waste time, as it lets you pay someone by tapping both phones together. All there is to it is typing in the amount you'd like to transfer; the money is then sent through PayPal, where they take care of the rest of the process. There are no fees for Bump Pay, which is sort of ironic considering its purpose.
“We think of Bump Pay as solving a specific problem — helping people repay each other in person after having dinner or after paying for gas on a road trip, ” says Dave Lieb, CEO of Bump.
Trend Themes
1. Mobile Payment Solutions - Bump Pay's tap-to-transfer money feature reflects a growing trend towards convenient mobile payment solutions.
2. Peer-to-peer Payments - Bump Pay's ability to easily transfer money between friends showcases the rising trend of peer-to-peer payment platforms.
3. Standalone Payment Apps - Bump Pay's transition from a feature to a standalone app highlights the trend of separate payment apps gaining popularity.
Industry Implications
1. Mobile Banking - Bump Pay's tap-to-transfer technology presents a disruptive innovation opportunity in the mobile banking industry.
2. Fintech - The rise in peer-to-peer payment platforms like Bump Pay creates opportunities for disruptive innovation within the fintech industry.
3. Mobile App Development - Bump Pay's success as a standalone payment app showcases the potential for disruptive innovation in the field of mobile app development.
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