www.paypal.com/mobile

First things first: although I don’t have an iPhone (at the moment, I still prefer to keep my cell phone and iPod separate for very, very geeky reasons), I still think that it is one of the best mobiles on the market, especially thanks to several of the apps that can be downloaded via the App Store.

Sure, a lot of them are useless (and shall remain nameless), but many, many of them are super useful and innovative. And some just make me go ‘wow!’—like the new PayPal app that was unveiled yesterday. What makes it so awesome? Let’s say you have two friends: one of them owes $10 to the other, but friend no.1 has no cash on her to give friend no.2. No problem! If both parties have iPhones, a PayPal account (and of course, the new app), friend no.1 can just “bump” friend no.2’s phone… and voilà, the money has been transferred!

“Bump”? Yes, it literally means bumping the two iPhones together (gently—there’s no need for gratuitous violence between cell phones). How cool is that?!

There are a myriad of situations in which this type of bumping could be useful, like splitting a dinner tab, or transferring larger sums of money that you would rather not have on you in cash, and so on… I just wonder how fast it will catch on?

At the very least, this video is a fun watch:

What do you think of this new app? Would you use it?

Here’s another interesting app to consider if you like the idea of “bumping”: it’s called, well, Bump, and you can use it to share photos and contacts, or become Facebook friends. Definitely worth a peek…