PayPal announced that its PayPal Mobile application for iPhone and iPod Touch will be available from the Apple App Store at launch today. The free download will enable iPhone and iPod Touch users to send money to friends and family quickly via their PayPal accounts.

“The iPhone is a great platform for PayPal,” said Jack Stephenson, Senior Vice President of Strategy and New Ventures. “This new application makes it easy and fun to send money to anyone with just a few screen touches.”

PayPal is the leader in safer online payments with more than 60 million active accounts in 190 markets around the world. This global reach, paired with the international popularity of the iPhone, will enable a safer and easier way to send mobile payments. Users can send money to anyone in their contact list, eliminating the need to remember email addresses and phone numbers. Users can also check their account balance from anywhere, and use the “quick pay” feature to bypass the payment review page and send money even faster.

I’m sure that this application will also come in handy with the eCommerce apps that are being built into the iPhone platform. You won’t have to worry about whipping out that credit card anymore and worry about the cell payment gateway security system. I’m glad to see this application, it was needed to legitimize several of the sell through apps that I liked.