No address or phone number. Problems with fraud, however, are causing the bank to retool the site. The biggest drawback here is the lack of credit cards. The only option is sending cash to and from a checking account. So your friend will have to fork over his or her SSN just to get the cash.
Privacy protection is so-so.
For some reason, PayPal seems determined to get your bank account number. So for those preferring credit cards, PayPal is not the best option. You can use a Visa or MasterCard to pre-fund your PayPal account, but recipients can not use credit cards to accept payments. For recipients and new users, PayPal can be confusing. They don't exactly go out of their way to show new users how to move money from a PayPal account to the recipient's own bank account.