With MoneyDrop, Simple Makes Sending Real Money Between iPhones As Easy As AirDrop


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The year is 2013 and we have all kinds of way to share content between mobile devices, but there still isn’t an easy, frictionless way to send money to someone wirelessly in a secure manner.

Then there’s AirDrop, Apple’s new sharing platform in iOS 7 and OS X Mavericks that’s as easy as dragging and dropping. What if something like that existed for transferring cash between different bank accounts? Simple has the answer with a new feature called MoneyDrop.

“With these transfers, you’ll be able to set up a connection with any Simple customer so that you can send each other money instantly, wherever you are,” explains Simple CEO Josh Reich. “There’s no need to write a check, and all of your instant transfers will be automatically categorized just like your Simple card swipes. You’ll be able to painlessly split expenses with housemates, or reimburse your friend who paid for your cab ride when you forgot your wallet last night. When you need to quickly send some money to someone with a Simple account, this feature will make it easy and hassle-free. And, of course, it’ll be fee-free, too.”

If you haven’t heard of Simple, then check out its website. It’s a bank with fantastic customer support and a gorgeous iPhone app. The catch is that it’s currently in private beta, so you have to request an invite. Simple has been slowing scaling itself slowly over the past year to meet demand, and there are currently 65,000 users onboard (including myself) with more than 100,000 on a waiting list.

MoneyDrop will be available in the Simple iPhone app in the next couple months, and it will be limited to Simple customers.

Source: Simple