PayPal has released an update for its iPhone/iPod Touch app. You can now “bump” money from your PayPal account into a friend’s if they are close by. If you both have PayPal accounts, you don’t all need iPhones to “bump” your money. You can still send money the traditional way by loading up the app and entering an email address, or choosing from a recent contact.
But if you have two iPhones running PayPal, it’s easier to set a dollar amount, move them close, then confirm that the “bump” means you’re transferring that cash.