Today PayPal introduced a significant update to its free iPhone app that not only includes a complete interface overhaul, but some unique new features as well. The most unique addition is the collaboration with Bump Technologies, the company behind the popular contact sharing app, Bump [App Store, Free].

To use "bumping" to send or request money, both users need to be running the most recent version of the iPhone app. Then simply "bump" the phones together, enter the transaction amount and the exchange takes place. It's the easiest and most clever way to loan cash to a friend... or pay back that loan!

Some of the other new features include sending a money request (or a bill) from within the app, and transfering money from your PayPal account to your bank account. PayPal has also added a bill splitter with a built-in tip calculator, which will let you send requests to friends you're dining with or pay your share to another PayPal user, plus a reminder function to notify you when you need to send money.

Even though there are plenty of great navigation apps in the App Store, Google Maps on the iPhone is still one of the best ways to get basic navigation info. I especially like it because it gives me a good idea of how long it'll take to get to a destination. However, in some cases it'll be necessary to get travel times with current traffic conditions factored in. To do this, simply enable the "Show Traffic" option before requesting directions, and traffic will be factored in. If it's working, you should see your estimated travel time followed by the words "with traffic."

Bonus tip; if you've already requested directions but forgot to enable traffic, simply enable it, tap "Edit," then "Route," and Maps should recalculate based on traffic. Enjoy!