With iPhone 'bump' technology, ING allows customers to exchange funds between authorized accounts.
Fist bumps! Useful for expressing solidarity. IPhone bumps! Useful for trading massive amounts of sensitive financial information and personal data.
As Sarah Kessler reports over at Mashable, banking behemoth ING is now letting customers transfer funds from smartphone to smartphone, all with the simple tap of a handset. The app is free, and currently available for Apple iPhones running iOS 3.1.3 or higher.
The ING app is powered by something called Bump, a technology developed by a couple of business school students out in San Francisco. Bump uses sensors on the iPhone to transmit data between two phones, which sounds a little frightening, but according to the team at Bump, is actually totally safe. (Full Bump FAQ here.) Until the ING app hit the market, Bump tech was mostly a contact-sharing thing –– instead of thumbing in data, you just tapped.
“We expected Bump to be used in formal situations, like replacing business cards, but when we looked at how people were actually using it, it was for fun, after five,” Bump co-founder Jake Mintz recently told USA Today. “It became a nights and weekends app, people using it in social situations. So once we saw that, we shifted to trying to emphasize fun over serious, like sharing music and photos.”