A little over one week ago, we mentioned that the PayPal team had been working on a new feature for their iPhone app that would allow users to quickly and easily donate money to their favorite charities. It appears their hard work has already paid off, as the update containing the new feature, PayPal v2.5, has been approved and is now available in the App Store.  It also brings with it a couple of other handy account control features.

PayPal v2.5 now includes a “Donate” button located under the “Tools” tab at the bottom of the screen.  From there you can donate to more than 23,000 charities in the U.S., U.K., and Canada thanks to the company’s partnership with MissionFish and Artez.  Some of the featured charities include American Cancer Society, Autism Speaks, Save the Children, Make-A-Wish Foundation, and Conservation International.  Charities can be searched for by name, viewed by category, or by proximity to your current location.

When donating to a charity, all you have to do is tap on its name, and then tap on a predetermined donation amount.  You can donate odd amounts as well by entering the total manually. And just so you are aware, 3.75% of your donation will go to MissionFish, PayPayl’s nonprofit partner in this venture, in order to cover operation costs.

PayPal v2.5 also features two new account control options, the ability to transfer money to your PayPal account from your bank account, and the ability to link a credit card to your account.

PayPal v2.5 is now available in the App Store for free.  Next on PayPal’s list of feature additions is the ability to deposit a check into your account by simply taking a picture of it.  When this feature will be available, however, remains to be seen.