An updated version of the PayPal app for iPhone has added a simple method for transferring money between two user accounts, requiring the owner to simply bump their mobile against their friend's phone.
The app aims to make being in debt to a thing of the past, as if users owe any money to their buddies after a visit to the pub or the shop, they can quickly transfer over a bit of cash using their mobile.
Bumping iPhones has been used by other apps to allow users to share pictures and contact information, but now PayPal has harnessed it for transfers at the flick of a wrist.
As well as transferring funds between mobiles, the PayPal app can help when users are presented with a bill at a restaurant and need to work out how much of a tip to leave and how to divide the payment amongst the diners.
PayPal account holders can use the app to transfer funds for free, but other types of transfers might be subject to an administration charge.
More than one million iPhone owners have already downloaded PayPal's new tool.
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