Paypal has just released version 3.0 of their iOS Application with a couple updates that many of us will find pleasing, and one that’s gotten some of us a bit skeptical.

First of all, you’ll now receive instant notifications whenever your account receives money, makes a purchase, gets a money request or even gives you the status of money that you’ve sent. Another cool feature is that you’ll now be able to control the amount of time your user remains logged on to the iOS device, to enhance security measures.

On the weird side, one of the updates allows businesses to send deals to users depending on their location. Hopefully this’ll only work on a subscription basis, but only time will tell. Get your update here in iTunes and give it a try.

(Via: Mobile Burn)