PayPal revealed a new Send Money application for the iPhone
and iPod touch
. With version
2.0, you'll get secure mobile access to your PayPal account as well as Bump
money transfers, Split Check, and Collect Money features. With Bump, you simply
put two iPhones together to transfer money from one owner's account to the
other's. The Split Check feature makes it easy to divide and split the cost of
dinner with a friend. If you're trying to collect money from multiple people
for a joint gift, the Collect Money feature can help. International
transactions are also possible with the new app.
PayPal Launches New Send Money App for iPhone
Version 2.0 Brings Fast and Secure Mobile Access to Money
SAN JOSE, Calif.--PayPal today unveiled a new Send Money
for iPhone. Version 2.0 of the PayPal Send Money app gives PayPal and iPhone
customers around the world secure mobile access to their money and convenient
features for everyday life, including Bump money transfers, Split Check and
With “bump” users can put two iPhones together, and funds
are quickly transferred between their PayPal accounts. The Split Check feature
lets users conveniently divide and quickly reimburse each other for the cost of
a meal, including tip and tax, for up to 20 people. Collect Money allows users
to request money from multiple people for a joint gift, team dues, concert
tickets, and more. Users can send gifts of money on the spot for birthdays,
anniversaries or any moment of impulsive generosity.
The new Send Money app comes at a time when smartphone sales
have surpassed 172.4 million units in 2009*, and consumers worldwide are
expected to spend $119 billion** by 2015 through their mobile phones. PayPal
mobile transactions have increased nearly six-fold, from $25 million in 2008 to
$141 million in 2009.
“Today, you leave the house with three critical things: your
phone, your wallet and your keys,” said Osama Bedier, PayPal’s vice president
of platform and emerging technology. “PayPal Send Money lets consumers access
their wallets through their phones. Because with PayPal, the wallet lives in
the cloud – the mobile phone is just one device customers can use to access
With the new PayPal Send Money app, users can set reminders
for recurring payments, donate money to their favorite causes
, and manage their PayPal accounts — all
from the iPhone. For international transactions, it also features a global
currency calculator and 15 languages. PayPal Send Money requires a PIN or
password for every transaction to help prevent unauthorized use.
The application is now available to download for free at the
Apple iTunes store online or the Apple App Store from any iPhone or iPod Touch.
For more information, visit www.PayPal.com/mobile
* According to a
Gartner Inc. study published in February 2010 titled “Competitive Landscape:
Mobile Devices, Worldwide, 4Q09 and 2009."
** According to a
study published by ABI Research study in February 2010 titled “Mobile Commerce”