The global firm is launching a new money pooling feature to its online and app accounts which aims to “simplify” group payments for things like group gifts, travel, and special events
PayPal will launch a new feature for its online accounts, which will change the way you can pay for things in groups.
The global firm is launching a new money pooling feature to its online and app accounts which aims to “simplify” group payments for things like group gifts, travel, and special events.
The new feature will be free to create in the Paypal app or online account and will give customers the ability to set up a pool, invite friends and family to contribute whether they have a PayPal account or not.However, a Paypal account is needed to set up the pool and fees will apply when converting currency and sending money to an account in another country.
PayPal customers can then track contributions, and the pool organiser can transfer the money to their PayPal balance to spend or withdraw to their bank account. The new experience is available to customers in the US, Germany, Italy, and Spain and will roll out in the coming weeks to customers in the UK.
“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,” said John Anderson, general manager and senior vice President of consumer at PayPal. “We’re excited to introduce this simple solution for collecting and pooling money, helping us all navigate both the social and financial aspects of our lives with ease.”
Paypal data reveals that Brits pooled money for group purchases approximately 18million times last year, with two-thirds pooling to split a group dinner. Other popular occasions to pool funds were group travel and living expenses, which sat at 42%, and group-funded gifts, which sat at 41%.
How to set up a pool in the PayPal App
Select “Pool Money” from the App Menu or in the “More Options” menu from the “Send/Request” tab to start creating your pool Enter a title, description, target date, and optional goal amount or cover image Share your pool link with friends and family via text, email, WhatsApp and more
Your friends and family can contribute directly to the pool through your link Whenever you’re ready, press “Transfer” from the Pool home page to transfer your funds to your PayPal balance.
