Bump Technologies, the company that makes the Bump iPhone app, provided the underlying tech for PayPal’s newly announced app. But instead of exchanging contact information, now you can exchange money. The app also includes a tax, tip, and check calculating feature, so you can figure out who owes what at a table, then simply bump phones to get all the money to one person, who can then pay a single bill for the entire table, saving the waitstaff at the restaurant the headache of running twelve different credit cards through.

Cash Is So Twentieth Century: Bump iPhones to Exchange Money Instead