Never before in human history have there been so many ways to part with your hard-earned cash. The spotlight might be on credit card acceptance tools from Square & Verisign, or the beta Venmo service's SMS-based trust network -- still, don't forget about the cagey veteran. Paypal is 12 years old now (and in Internet years, that's... uh... "wicked old") but the eBay-owned payment site is innovating as fast as ever; case in point, the 2.0 version of the free Paypal iPhone app.
The new app features a revamped interface and history display, along with options for payment reminders, funds withdrawals and a new "Request Money" tool. You can create and send a fund request within the app at the moment you need it (just spotted your pal $20 for the movies? Bingo!), which makes it that much more likely that you'll get reimbursed. In like fashion, you can collect money for a shared gift or charitable donation, or split a restaurant check and send off requests for everyone's share of the bill.
If that's not futuristic enough for you, the Paypal app now integrates with contact sharer Bump, which added Facebook friending and more granular profile-based sharing in a new release at the end of February (most requested new feature: a 'fake' profile, allowing you to give that overeager Bump-er at the bar a bogus number if you're just not that into them). Using the Bump API, Paypal's app now allows you to send money to another Bump user just by tapping phones. I anticipate strong enthusiasm for this feature at sporting events and casinos.
Paypal's apps for the Blackberry and Android are scheduled to get some of the new features soon, but in the meantime these are iPhone-only goodies. Enjoy!