Before today the PayPal iPhone app was a complete yawn-fest not really worthy of a place on your springboard unless you were the kind of person who absolutely needed to send money while on-the-go because that’s basically all it could do, that and view your current balance and history. ┬áThe recently released v2.0 however, gives the app some actually worthwhile features while also sprucing it up with a brand new interface.

PayPal iPhone app users will no doubt welcome the new look and feel in v2.0, sporting a more colorful and rich interface, but really it’s all about the features. ┬áThe app now sports the somewhat gimmicky, although fun, Bump feature, allowing you to bump two devices together to quickly and easily transfer money.

PayPal v2.0 allows you to do a lot more with your money as well, giving you the ability to withdraw funds from your PayPal balance into your bank account, collect money from a group, event, gift, or cause, and request money.

Other neat features include the ability to instantly split a bill at a restaurant, calculate a tip, and request everyone’s share, and the ability to set reminders so you never miss paying a bill.

PayPal v2.0 is now available in the App Store for free.