Bump Pay Will Let Users Exchange Money by Bumping Smartphones - nelsonhistiamseent
The startup Bump Labs threw its chapeau into the crowded mobile payments ring happening Thursday, launching an app that allows people to substitution money by tapping their phones together.
The app, called Bump Pay, builds on the caller's core technology, which enables two smartphones victimisation Bump apps to transfer information by organism broached together. Unlike NFC (near-champaign communicating), which Google and others are promoting for mobile payments, Knock requires physical contact between devices. The company's current app, titled Bump, allows users to transportation contact data and photos.
To use Bump Pay, a user types in how much money he or she wants to send and then bumps phones with the intended receiver. Bump's software determines which two phones collided. The app then transfers funds from one user's PayPal account to the other's. Both users must have previously downloaded the app and linked it to their PayPal accounts.
"Bump Pay is interesting because of its novelty, which May spur trial run, but being within arm's hand of the person you're paying punt is not always convenient and will limit its utility," said Denee Carrington, an psychoanalyst with Forrester Research.
But Chris Silva, an Altimeter Group analyst, sees propinquity A the right approach in the U.S., "where people are just so insane about victimization any case of applied science where there's a dealing taking place and you're non actually exchanging funds or a lineup."
"I think it makes sense for what people are going to flavour comfortable using," Silva said.
As for the security of the app, Silva noted that some Bump Pay out users could claim that they had accidentally abroach some other person's phone, and thus try to recoup their funds. "There's a gamble, only it's about completely borne by the credit entry card issuers and the banks who are going to be cragfast arbitrating those disputes."
Bump Pay volition compete with Venmo, Quadrate and PayPal Here, among other companies.
Bump Pay is initially available only for the iPhone.
Cameron Robert Falcon Scott covers look, web services and privacy for The IDG News Service. Watch over Cameron along Chirrup at CScott_IDG.
Source: https://www.pcworld.com/article/469528/bump_pay_will_let_users_exchange_money_by_bumping_smartphones-2.html
Posted by: nelsonhistiamseent.blogspot.com
0 Response to "Bump Pay Will Let Users Exchange Money by Bumping Smartphones - nelsonhistiamseent"
Post a Comment