In preparation for the NFC generation, ING released an update to their iPhone app integrating Bump, the technology that allows you to sharedata between phones by bumping them to each other. Bump was previously used to share contact information, data files and music and now a bank is using it to facilitate person to person transfers.
Bump for $$$
To use this facility, ING users will have to log in to their accounts in their phone app. Bump facilitates a person to person transaction without each person having to confirm the other's account number and information. Right now only one kind of ING account can be used with this facility (ING Electric Orange) but eventually will open up to other accounts as well. Since Bump's API is open and free, other banks will most likely start offering this service as well.
Right now, the obvious caveat with this feature is that the two account holders have to be in the same place for it to work. However, it could come in handy when you want to reimburse someone for dinner, or a group event, assuming of course, all parties involved have iPhones.
Publish date: April 30, 2011 10:44 am| Modified date: December 18, 2013 7:42 pm