PayPal has developed a new Android widget that enables users to tap their phones together to exchange money, reports PCWorld.
Expected to launch this summer, the widget runs only on NFC phones, like the Nexus S featured in the video above. To exchange funds, one user enters the amount to paid, and then holds their phone against the other user’s. This sends a payment request to the second user, who then enters a PIN, thereby confirming the payment.
According to PCWorld, the new service could be particularly successful in the small business community, as well as personal peer to peer payments.
Read more here.