PayPal iPhone App Reaches 1 Million Downloads in Three Weeks

PayPal announced today its iPhone app has been downloaded more than 1 million times since becoming available for download three weeks ago through the iTunes App Store.

The PayPal app, which lets registered users manage accounts, transfer money, set reminders for recurring payments, and collect money, has been available as a free download since March 15. All transactions using the app require a PIN or password.

"With PayPal Mobile on the iPhone, trips to the ATM are a thing of the past," said Osama Bedier, PayPal's vice president of platform and emerging technology. "One million downloads shows just how ready people are to live a cashless and card-free culture with their wallet living safely in the cloud."

San Jose, Calif.-based PayPal was founded in 1998 as an electronic service that allows users to send money without sharing financial information. The company claims to have 78 million active accounts in 190 markets and 19 countries around the world.