PayPal launches iPhone application

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PayPal launches iPhone application

Osama Bedier, PayPal vice president of platform and emerging technology, suggested the motion sensitive application would allow customers to leave the house without a wallet or financial details.

He said: "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."

The Send Money service allows customers to "bump" money from one phone to the next by holding two devices together, split the total cost of a meal out and also request money from others for a joint gift for a friend.

Paypal worked with Bump Technologies to design the new application, which is able to safely distinguish between an accidental and intentional "bump".

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