PayPal today announced Version 2.0 of their Send Money app which gives iPhone users the ability to access their PayPal account from their smartphone.

Features include the ability to check your PayPal balance, request money, and collect money.

New features include: "Bump money transfer" which give you the ability to transfer or receive money from another iPhone users account; "Collect Money", which allows users to request money from multiple people; and "Split Check" which lets users conveniently divide and quickly reimburse each other for the cost of a meal, including tip and tax, for up to 20 people; and reminders for recurring payments.

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 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 says mobile transactions increased nearly six-fold on its network, from $25 million in 2008 to $141 million in 2009.

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.

Discuss in Digital Home's new Smartphone Applications forum .