Sharing money with friends has turned high-tech with easy transfers with the tap of a phone. With the SpotMe app on the iPhone, users can transfer money to each other by simply tapping their their phones. The app allows iPhone users to transfer money by tapping it and Android smartphone users with the SpotMe app running. Once the money is transferred, they can pay for goods and services at NFC terminals. The app allows splitting bills and sharing expenses within groups. It also helps in tracking the expense when lending to or borrowing from a friend. Automatic balance tracking within a group is an innovative feature of SpotMe.
After installing the app, users can sign up for an account using Facebook and add friends to a group through the phone’s address book or by typing in an email manually. As new bills are added to the group, an automatic email goes out as a reminder from SpotMe to those owing the money. The notification features on SpotMe can be completely customized. Customers can choose to receive push notifications when new events occur on SpotMe, such as the creation of a new bill or invitations to connect, or even messages from friends. Also, weekly summary emails are sent to help everyone in the list to stay up to date on their weekly transactions, and the overall balance with friends. Each person is reminded of the payments made and the amount owed, without having to bring it up among friends.
Other features of the SpotMe app includes:
- Viewing balances of groups and friends.
- Split bills evenly or by custom amounts.
- Settle the balances in a group or with a person with just one tap.
- Add pictures for groups, people profiles and transactions.
- Access SpotMe anywhere and anytime, through the user's phone or desktop.
The SpotMe app is developed by Boomerang Digital, Inc.. The SpotMe team is located in Palo Alto, California. The app was first launched in July 2011 with the mission to help roommates, family and friends easily split bills and expenses.