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A new version of PayPal for Android smartphones is coming out with Bump technology on mobile money transfers to Android. Bump technology debits money from one user’s account and credits another when two phones are tapped together, reports Jessica Dolcourt of CNET.

PayPal 2.0 with Bump is currently available on the iPhone. Digital payment of this sort is a much more elegant solution than Square, as cool as that credit card-reading peripheral may be.

Apart from this, there are two important that had previously been absent. The update also allows the user to withdraw money from his account and to request a payment.

For splitting the bill, it also inserts a tip calculator. In order to set payment reminders for rent and bills, PayPal 2.0 also adds a scheduling component. The free PayPal 2.0 for Android app is available in the App Market.