Last December, Fring updated its iPhone app to support one-way video call as the earlier versions of the iPhone have only one camera on the back. Now it's back with an update for iPhone 4 that supports two-way video calls.

Use that fancy new front-facing camera for video calls from the beach or from the mountain top (on 3G or Wifi) to your friends on whatever mobile phone they have. So even if they don’t have an iPhone 4 yet, you can see their pretty faces.
This means that users can video chat with their friends and family in the same way as advertised by Apple in FaceTime. Good thing is that it works over 3G and is cross compatible to other voip networks such as Skype as well other OS platforms such as Android and Nokia's Symbian.
The app now supports multitasking in iOS 4 which allows users to run the app in the background. Also a new social stream and a smarter address book has been added. The app is available for free in the app store.
[via Fring]