The PayPal iPhone application has been downloaded 1 million times in less than three weeks. This shows that there is an enormous interest in mobile payment. A recent ABI Research study predicts that people will spend $119 billion through their mobile phones by 2015 (8% of the entire e-commerce market).

PayPal mobile transactions have increased nearly six-fold from $25 million in 2008 to $141 million in 2009, leaving this new application to raise the bar. The application launched March 15 in the Apple App Store with the ability to split checks, collect money for events, donate to charities and manage PayPal accounts.