updated 10:30 am EDT, Tue March 16, 2010
Service allows payment between two phones
PayPal on Tuesday unveiled an update to its Send Money app for the iPhone and iPod touch. Version 2.0 allows users send money via Bump, transferring funds after "bumping" together two iPhones. A new Split Check feature is designed to provide an easy way for people to split the cost of a meal, including tips and tax, and then reimburse each other.
The update also provides tools for collecting money from multiple people. Users can gather funds for joint gifts, team dues, concert tickets, or other group buys.
PayPal Send Money is available as a free download from the App Store.