PayPal Launches New Send Money App for iPhone

Sydney, Australia – Wednesday March 17, 2010 – PayPal today unveiled a new Send Money application 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 Collect Money.

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 a tip, for up to 20 people. Collect Money allows users to 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.

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 Frerk-Malte Feller, managing director, 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.”

With the new PayPal Send Money app, users can set reminders for recurring payments, donate money to their favourite 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 unauthorised 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”

About PayPal

The PayPal online payment service is provided to Australian customers by PayPal Australia Pty. Limited ABN 93 111 195 389 ("PayPal") which holds Australian financial services license number 304962. Before deciding to sign-up or use the PayPal service you should consider the Product Disclosure Statement, available at www.paypal.com.au. This media release is provided for information purposes only and is not intended as financial product advice.

PayPal is the safer, easier way to pay and get paid online. The service allows anyone to pay without sharing financial information and gives consumers the flexibility to pay in any way they prefer, including through credit cards, bank accounts or account balances. With more than 81 million active accounts (210 million registered) in 190 markets and 24 currencies around the world, PayPal enables global e-commerce. The company's open payment platform, PayPal X, allows developers to build innovative payment applications on multiple platforms and devices. PayPal is an eBay company.

For further information about PayPal in Australia please visit http://www.paypal-education.com.au/media/index.html

Media Contacts:

Jenny Sumner Edelman jenny.sumner@edelman.com 02 9291 3337

Jennifer McCloy Edelman jennifer.mccloy@edelman.com 02 9291 3328