PayPal have announced they will be launching an iPhone app for people to make and take payments on the go, as well as rather cleverly attaching Bump support to the app.

If you don’t already have the app, Bump allows you to share contact details with people by holding your phones and bumping them together. The app allows you to share photos, contacts and even become Facebook friends by just bumping into each other, however now you can even pay each other.

The PayPal app will let you manage your PayPal account as well being able to quickly transfer money by using Bump.

Obviously the Bump functionality on the PayPal won’t be applicable to be people who are not present when making the bump transaction, however I expect this will definitely be a great app for friends and family that owe you money or even at places like car boot sales. However, I wonder how secure it is?

Download the app here for free

Have you tried out this app? Leave us a comment and let us know what you thought of it…