PayPal updates Send Money app for iPhone

Digital commerce solutions provider PayPal announced the introduction of PayPal Send Money version 2.0, an iPhone application enabling consumers to transfer and collect funds from fellow users. The free Send Money app features include Bump transfers, which enables iPhone and iPod touch users to touch their devices together to exchange funds between their PayPal accounts, as well as Split Check, which allows up to 20 people to divide the cost of a meal, including tip and tax. Another feature, Collect Money, facilitates payment requests from multiple people for a joint gift, team dues, concert tickets, and more. Users can also send monetary gifts on birthdays, anniversaries or any other occasion.

PayPal Send Money requires a PIN or password for each transaction to combat unauthorized use. According to PayPal, its mobile transactions have grown nearly six-fold from $25 million in 2008 to $141 million in 2009.  

For more on PayPal Send Money:
- read this release

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