PayPal Puts Your Wallet In The Cloud - HotHardware
PayPal Puts Your Wallet In The Cloud

PayPal Puts Your Wallet In The Cloud

PayPal revealed a new Send Money application for the iPhone and iPod touch. With version 2.0, you'll get secure mobile access to your PayPal account as well as Bump money transfers, Split Check, and Collect Money features. With Bump, you simply put two iPhones together to transfer money from one owner's account to the other's. The Split Check feature makes it easy to divide and split the cost of dinner with a friend. If you're trying to collect money from multiple people for a joint gift, the Collect Money feature can help. International transactions are also possible with the new app.




PayPal Launches New Send Money App for iPhone

Version 2.0 Brings Fast and Secure Mobile Access to Money

SAN JOSE, Calif.--PayPal today unveiled a new Send Money application for iPhone. Version 2.0 of the PayPal Send Money app gives PayPal and iPhone customers around the world secure mobile access to their money and convenient features for everyday life, including Bump money transfers, Split Check and Collect Money.

With “bump” users can put two iPhones together, and funds are quickly transferred between their PayPal accounts. The Split Check feature lets users conveniently divide and quickly reimburse each other for the cost of a meal, including tip and tax, for up to 20 people. Collect Money allows users to request money from multiple people for a joint gift, team dues, concert tickets, and more. Users can send gifts of money on the spot for birthdays, anniversaries or any moment of impulsive generosity.



The new Send Money app comes at a time when smartphone sales have surpassed 172.4 million units in 2009*, and consumers worldwide are expected to spend $119 billion** by 2015 through their mobile phones. PayPal mobile transactions have increased nearly six-fold, from $25 million in 2008 to $141 million in 2009.

“Today, you leave the house with three critical things: your phone, your wallet and your keys,” said Osama Bedier, PayPal’s vice president of platform and emerging technology. “PayPal Send Money lets consumers access their wallets through their phones. Because with PayPal, the wallet lives in the cloud – the mobile phone is just one device customers can use to access it.”



With the new PayPal Send Money app, users can set reminders for recurring payments, donate money to their favorite causes, and manage their PayPal accounts — all from the iPhone. For international transactions, it also features a global currency calculator and 15 languages. PayPal Send Money requires a PIN or password for every transaction to help prevent unauthorized use.

The application is now available to download for free at the Apple iTunes store online or the Apple App Store from any iPhone or iPod Touch.

For more information, visit www.PayPal.com/mobile.

* According to a Gartner Inc. study published in February 2010 titled “Competitive Landscape: Mobile Devices, Worldwide, 4Q09 and 2009."

** According to a study published by ABI Research study in February 2010 titled “Mobile Commerce”
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Are they working with the person that created the bump app or are they just using that idea???

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Considering the image with the bump(tm) logo on it I'd assume they're working together.

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I am torn on this. Not sure if it's a good idea or bad idea. I am just imagining the identity theft and fraud crimes spiking with this if it catches on. Or am I just being negative again

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nelsoncp21:

I am torn on this. Not sure if it's a good idea or bad idea. I am just imagining the identity theft and fraud crimes spiking with this if it catches on. Or am I just being negative again

 

No you aren't. I think you are correct. This seems logical as there are more ways to steal information just because there are more devices that are sending it.

 

As far as the features themselves, I do like the idea of the split checks. Only problem is that not everyone in the party will own an iPhone. I don't... I just own a simple phone to make calls and text.

 

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This is great all I a thief has to do is jack you PayPal account from your iPhone and drain your bank account, I am so glad iPhone's make everything so easy.

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I myself was thinking of how humiliating it would be to be forced to bump phones at gunpoint. Let's call that "Reason #87 not to have an iPhone".

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lol or just jack the iphone :P lol

how does this paypal bump work? if its going to send a signal over with just one bump would it accidentally send it to another iphone near by?

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I'm crediting rapid1 with a new term...iJack.

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"you want some money?"

"sure"

"here you go" *bump*

lol....or is that a little too simple, too unsecure?

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Omg it just dawned on me. I remember seeing a vid awhile back about a smart multimedia device. Can't remember what it was called. Anyway the vid starts out with a dude jogging then coming in and syncing his device with his tv and emailing. Another part of the vid shows a dude using it as gps to get to his car in the parking lot and then the device sync's with his car when he set it on the dash. The next part of the vid this chick orders drinks in the club and pays by swiping or bumping the phone by swiping her finger over it like you scroll with the iphones. I got to see if I can find that vid again. Seems like we're pretty darn close to it.

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This is cool I must say, the apps out for I-Phone really is intriguing to me I must say. I might get one after my Samsung Impression fails me or my contract is up.

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I'm not a big fan of paypal...especially since there are too many spams that connects to it.

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>“Today, you leave the house with three critical things: your phone, your wallet and your keys,” said Osama Bedier, PayPal’s vice president of platform and emerging technology.

Oh sweet "Bob." Either Mr. Bedier swiped this from a smartphone commercial of recent vintage, or the writers of the smartphone commercial swiped it from him. Or-- and this is the most mindblowing alternative-- a vice president of PayPal appeared in a commercial for a smartphone.

I gotta lie down and drop some acid. Reality is just too surreal.

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The only thing I like about this is that it gives the iphone yet another credible app, which should help generate revenue and get all the engineers back in the lab for some more rNd. Anything to pushes this point I'm all for, just for the selfish reason that I want to have a single device that I can do anything and everything on to include: Replace my Computer and Laptop, audio system in my car, wallet, keys, gps, all my video game consoles and it must be able to fit in my pocket and not weigh more than 2lbs ... I'm thinking virtual interface with lasers and all that futuristic stuff, I mean is that so much to ask for???

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I agree with rapid1, now with faster DL speeds others can steall your identity and cash at 4G speeds :O

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