Following an announcement on Thursday from PayPal saying that a newly redesigned PayPal application for iOS was coming with better support for new features, the PayPal application for iOS has been updated to version 5.0.1. PayPal notes that this is the application's "Biggest update yet."

The first thing we noticed after viewing the update in the App Store was the new application icon, which as you can see because of the much rounder corners, has been re-shaped under Appleís new terms and conditions that were sent out in an e-mail last month about making application icons the right dimensions for iOS 7:



But thatís only the icing on the cake. Itís just an icon.

More importantly, the entire application has been revamped inside and out. With new interfaces, options, and menus, the PayPal application for iOS is now much easier to use and more of a pleasure to use at that. Everything just seems to stand out more and there is less confusion in the interface.

The update also adds a number of new features, like the ability to use the application to pay in stores. The application will show you stores nearby that can accept PayPal as a payment method, so that you know where you can shop with the application. In addition, the update includes additional support for PayPal's Bill Me Later feature.

Also added are a number of bug fixes and stability improvements, which you can notice right off the bat because of the application's new-found snappiness. Existing users of the PayPal application will find the update under the Updates tab in the App Store. Alternatively, you can download the latest version of the PayPal application for free from this App Store link.