PayPal is splashing out on its first ever Super Bowl ad

PayPal is set to run its first Super Bowl ad during the big game in February next year.

It will also be the first major brand ad since PayPal became an independent company. The payments firm was spun out from eBay in July.

In a press release, PayPal's vice president of global brand marketing Greg Fisher said: "This ad is more than a commercial - it's our opportunity to introduce the world to PayPal's vision for the future of money - to empower people and businesses to move and manage money securely, efficiently and affordably. The launch of this ad is just the beginning of our new brand campaign designed to start a larger conversation about a reimagined financial world that must include everyone."

PayPal's ad will run during the first quarter of the game.

Ads for Super Bowl 50 have set advertisers back $5 million for a 30-second slot, according to next year's big game broadcaster CBS. That was up 11% on the highest price for a 30-second spot during this year's Super Bowl.

Last week Adweek revealed CBS has held back a few slots, hoping that last-minute advertisers will bid for "north of $5 million."