Mobile Phones as Virtual Wallets

[youtube] Our mobile society may be trending towards a a time when mobile phones serve as our wallets, too. The video above demonstrates an application released by PayPal this past March. I know, paying with one's mobile phone isn't entirely novel on the global scale; from mobile metering to mobile ticketing, many forward-thinking places have integrated the technology into their infrastructure. Yet, the PayPal application remains relevant as it introduces a degree of physicality otherwise lacking in my comparable services. Using the technology from the company, Bump Technologies, the application allows a purchaser to send money by choosing a recipient from their contact list, or to transfer money by simply tapping the phones together.

The app includes a feature to help split a check, factoring in tax and tip and whether someone owes more than the others at the table. Payments are free from a bank or PayPal account, and there are varying fees if the payer uses a credit card.

Sure, there are other models out there-- but for now, PayPal's app won us over with it's sheer simplicity.