Major Nelson's announced the availability of the first of a four-part dashboard update for 360, which introduces PayPal as a new form of payment.
The introduction of PayPal will enable users on Xbox Live to buy content using funds from the service instead of using a credit card or MS points for content on Marketplace.
It won't be available in Brazil, Chile, Colombia, Czech Republic, Finland, Greece, Hungary, India, Japan, Russia, South Africa, South Korea and Taiwan, though.
Also included in the update is an auto-standby option, so your console can go into a power-saving mode if left idle for an hour.
More details through the link.