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PayPal is launching some features that allow users in groups to pool money with friends or family, to collectively pay for trips, travel, gifts, and anything else. The company is launching this feature in the US, Germany, UK, Italy and Spain ahead of the holiday season.
“Relaunch” might be the more appropriate verb here: PayPal already had a pooling feature in place before, imaginatively called “Money Pools.” This appeared first Way back in 2017 – Perhaps as a reaction to fast-moving startups that come up with the idea first and gain some significant interest in the idea. However, PayPal closed Service globally in November 2021.
At the time, the company did not fully explain why Money Pools was shutting down, but it is worth noting that by 2021 there were a number of competing alternatives that did not require all contributors to be PayPal users, which was one factor in the Money Pools portal. It was also the height of the COVID-19 pandemic, and PayPal was more focused on developing products for charitable donations, competing with the likes of GoFundMe. (We’re asking PayPal for more details on why it decided to relaunch Collections again now, and we’ll update details when we get them.)
In the new version of the service, users will be able to set up a pool from the PayPal app or website. They can start by clicking on the new “Pool Money” option in the app menu. The option is also located in the More Options menu on the Send/Request tab.
Most importantly, your friends or family can add money directly to the pool through this link – even if they don’t have a PayPal account.
You can add a title, description, target date, and optional target amount for the pool. These pools contain a shareable link that you can send to your friends or family via text, email, WhatsApp or Messenger.
The group creator can track contributions from different invitees to the group. They can also transfer money to their accounts at any time to spend on travel, gifts or experiences.
“Everyday life is about connections, whether that’s participating in a group giveaway or planning a trip with friends and family. PayPal understands that and aims to make those moments easier. “We’re passionate about offering a simple, inexpensive solution to raising and managing funds for group purchases, and helping our customers navigate Between the social and financial aspects of their lives with each of them,” John Anderson, managing director, senior vice president of consumer at PayPal, said in a statement.
Applications such as PayPalVenmo, and split They had ways of dividing expenses among a group of people. However, this feature is more useful when you have already paid a bill. The new pooling feature is useful when you want to get money from people up front before spending it on something.
Additional reporting by Ingrid Lunden
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