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PayPal Shows Off New NFC Payment System, Still Not Applicable for Hookers

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While you still can't pay for a Lady of the Night using Bit Coins after you're done bumping uglies, you may soon be able to pay her by simply by bumping phones.

PayPal demoed a major upgrade to its mobile service today, allowing any two NFC-capable Android smartphones to conduct a peer-to-peer transaction simply by pressing them together. Just open the PayPal mobile app, enter in the amount of money you want to request, then press the two phones back-to-back and wait for the confirmation buzz. Once a link between the accounts is established, both users enter their pins to complete the transaction. Peer-to-peer payments will be available later this summer. [via PayPal Blog]