iPhone and PayPal Bump for a New Way to Exchange Money

PayPal has created an iPhone application along with Bump Technologies that allows iPhone users to pay one another by using their cell number or by bumping phones together. (Unfortunately its name could be a little snappier than PayPal's Send Money and its counterpart, Collect Money.) The same app can be used to swap other information.

Sounds cool huh? Walletpop's writer Barbara Hernandez discusses the costs involved and potential problems with this new technology. Find out more at