PayPal has launched a new app for iPhone users which supports money transfers by simply "bumping" iPhones together. Send Money 2.0 allows a person to just enter the amount and gently "bump" their iPhone against the receiver's iPhone.

There are several other features like Collect Money which permits requests for money from multiple people for a common gift or product, Split Check which lets users divide money and reimburse each other for meals, along with others like reminders for recurring payments, donations and PayPal account management. The app is available through the App Store for iPhone, BlackBerry and Android handsets.

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