PayPal once again lets you pool money from others to pay for things together
Reading Time: 2 minutesPayPal is launching a few features that let users in groups pool money with friends or family, to collectively pay for trips, travels, gifts, and anything else. The company is launching this feature in the U.S., Germany, the U.K., Italy, and Spain ahead of the holiday season.
‘Re-launching’ might be the more appropriate verb here: PayPal actually had a pooling feature in place before, imaginatively called ‘Money Pools.’ This made its debut way back in 2017 — quite possibly as a response to faster-moving startups coming up with the idea first and gaining some significant traction on the idea. However, PayPal shuttered the service globally in November, 2021.
At the time, company did not fully explain why it shut down Money Pools, but it’s notable that by 2021 there were a number of competing alternatives that didn’t require all contributors to be PayPal users, which was one gating factor to Money Pools. It was also the height of the Covid-19 pandemic, and PayPal was more focused on developing products for charitable donations, competing against the likes of GoFundMe. (We are asking PayPal for more details on why it decided to relaunch pools again now, and we’ll update with the details when and if we get them.)
In the new version of the service, users will be able to set up a pool from the PayPal app or the website. They can start by tapping on the new ‘Pool Money’ option in the app menu. The option is also located in the ‘More Option’ menu in the ‘Send/Request’ tab.
Importantly, your friends or family members can directly add money to the pool through that link — even if they don’t have a PayPal account.
You can add the title, description, target date, and optional goal amount for the pool. These pools have a sharable link that you can send to your friends or family via text, email, WhatsApp, or Messenger.
The pool creator can track contributions from different invitees to the pool. They can also transfer the funds to their account anytime to spend on travel, gifts, or experiences.
‘Everyday life is all about connections, whether it’s chipping in for a group gift or planning a trip with friends and family. PayPal understands this and aims to make those moments easier. We’re excited to introduce a simple, no-cost solution for collecting and managing funds for group purchases, helping our customers navigate both the social and financial aspects of their lives with each,’ John Anderson, GM, SVP of Consumer at PayPal, said in a statement.
Apps like PayPal, Venmo, and Splitwise have had ways to split expenses among a group of people. However, that feature is more useful when you have already paid a bill. The new pool feature is handy when you want to get money from people upfront before spending it on something.
Additional reporting by Ingrid Lunden
Ref: techcrunch
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