PayPal has launched an updated version of its new Send Money application for iPhone.
Version 2.0 of the PayPal Send Money app allows PayPal and iPhone users to access to their money securely, including bump money transfers, split check and collect money.
With bump users can put two iPhones together, and funds are transferred between their PayPal accounts. The split check feature allows users to divide and reimburse each other for the cost of a meal, including a tip, for up to 20 people. Collect money lets users request money from multiple people for a joint gift, concert tickets, and more. Users can send gifts of money on the spot for birthdays, anniversaries or any moment of impulsive generosity.
Smartphone sales have surpassed 172.4 million units in 2009*, and consumers worldwide are expected to spend $119 billion** by 2015 via mobile phones. PayPal mobile transactions have increased almost 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 Frerk-Malte Feller, MD of PayPal Australia.
“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 it.”
Send Money users can set reminders for recurring payments, donate money to, and manage their PayPal accounts from the iPhone. For international transactions, it also features a global currency calculator and 15 languages. A PIN or password is required for every transaction to prevent unauthorised use.
The application is available to download free at the Apple iTunes store.
Posted from InsideRetail 31st March 2010
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