PayPal announces phone-to-phone payments via NFC

My experience with PayPal has always been average, I’ve never had a problem with them, but at the same time, I’ve never really enjoyed them either. However, if you are a PayPal Lover, then you will be glad to know that Pay Pal will add a special feature to their service that will allow you to conduct and transfer funds between cellphones. If you have an Android Device, you will be able to download the application by the end of the summer!

So here is how it works, let’s say that your friend…BOB… owes you money but Bob never carries cash with him and for some reason or another the nearest ATM is way to far every time he wants to pay you. Well, thanks to this new application, your friend will be able to transfer money from paypal directly to you using nothing more than your cellphone. Both of you have to have the APP, then you type in your phone the amount of money that you are requesting. You place both phones together back to back, and wait for the “Buzz” once you hear the buzz, paypal will send you an e-mail stating that you have money coming in.

Currently, the application is very limited, it can only work on the Nexus phone, and there is no way to request money from a computer or anything else. I’m sure they will add additional phones in the future etc, but as of right now were stuck waiting for Bob to pay up.  Check out the Video below to see how it works. Via: PayPal