Bluetooth Makes It Easy To Transfer Funds With Simple’s Moneydrop |

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Bluetooth Makes It Easy To Transfer Funds With Simple’s Moneydrop

10 October 2013

Online banking startup Simple has been busy making a name for itself in the tech industry with well-received mobile apps and growing their customer base by 25,000 since the start of July. But Simple will likely be garnering more attention than ever with the upcoming release of a Bluetooth money-sending featuring that will make transferring funds, well, simple.

MoneyDrop is the new feature that will allow Simple users to easily transfer funds when you’re in close proximity to the person you want to pay. The concept goes beyond similar programs that allow in-app money transfers that already exist on the market. The iOS application, built by a two-man team consisting of Collin Ruffenach and Tom Wanielista, encourages the idea that physical coins or paper money may one day become irrelevant.

If enough companies and apps catch on to the idea of using Bluetooth technology and rely on proximity to make a payment or transfer funds, there would be little need for opening up your wallet to pay anyone in cash.

Customers of Simple will be able to detect when other devices that run Simple are located nearby. A paying user can simply select the intended receiver of their funds from a list of names and avatars provided by the app, and then enter the amount of cash to be sent and confirm the selection. The payee receives a notification and brief confirmation sequence to complete to officially transfer the funds via Bluetooth.

For anyone worrying about the security of transferring funds over Bluetooth, Simple’s MoneyDrop feature cleverly assigns users random ID’s each time they open the app and doesn’t share any further personal information when transferring the funds.

The MoneyDrop app is set to release on iOS first, so iPhone users will get to sample the new technology before other smartphone users. However, Simple is reportedly working to bring the app to Android in the near future as well.

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