PayPal has upgraded its iPhone application, releasing version 1.5 today.

According to Eric Duprat of PayPal’s mobile team, version 1.5 offers greater reliability, expanded memory, and features a new animated display of the “send money” feature for transactions in U.S. Dollars. The application also now provides support for our customers in France.

Like previous versions of the application, v1.5 lets customers send money online, check account balances and view their recent PayPal account transactions. The iPhone app is free.

Here’s a screenshot of the app’s new release:

In the U.S., PayPal is the most preferred payment service on the web after Visa, PayPal claims.