App lets you pay pals by bumping iPhones March 29, 2012, 5:35 p.m. If your buddy owes you money, lacking cash is no excuse if he's got an iPhone. Just like sending contact information with the Bump app, you can now transfer money the same way with Bump Pay. The free app asks for your email address when it's initially opened. You and your iPhone-wielding friend bump hands; when you feel the vibration, the money's a-moving. The money will be associated with the email address you enter. If that one doesn't have a PayPal account associated with it, PayPal will send you an email to prompt you to create an account to get your money. You can't set up a PayPal account within this app. If you have your checking account linked to PayPal, there are no fees for the transfer of funds. If your credit card is what's linked, there is a fee. Unlike Venmo -- which is for iOS, Android, computers and any phone with SMS -- Bump Pay uses PayPal exclusively and is available only for iOS devices in the U.S. Other payment platforms could be available in the future, Bump CEO David Lieb told Mashable. Originally, the app was a tool created for members of the Bump team to help split the check for lunch, according to Mashable. Now, if you win the Mega Millions jackpot or have some other reason to move big money around, just know you'll have to limit yourself to payments of less than $1,000 with this app. Comedy Central app highlights election humor Mega Millions: 5 things to do with apps if you win