PayPal 2.0 for Android adds Bump technology, which debits money from one user's account and credits another when two phones are tapped together. Of course, both smartphones need a Bump-enabled PayPal app to work. PayPal with Bump is currently available on the iPhone, so buddies wishing to settle accounts can digitally do so despite using different mobile platforms. Digital payment of this sort is a much more elegant solution than Square, as cool as that credit card-reading peripheral may be.
In addition to adding a Bump component, the update allows you to withdraw money from your account and request a payment--two key features that had previously been absent. It also inserts a tip calculator to split the bill (and request your companions to fork over their share). PayPal 2.0 also adds a scheduling component so you can set payment reminders for rent and bills.
Home page : http://www.paypal.com/pdn
Release date August 05, 2010