Bump Labs launches Bump Pay for mobile money transfers

Bump Labs has launched a new mobile app named Bump Pay for Apple iOS devices.

The app lets you transfer money to friends and relatives by bumping your phone with theirs.

Both phones need to have the app installed for the transaction to work. Bump Pay connects to PayPal accounts for the money transactions.

The app is now available on the Apple App Store. It is only available to US based users.

Users can only send payments of USD 1000 or lower using the app.