PayPal is making group expenses a lot easier with its new Money Pooling feature, designed to help friends and family collect and manage funds for shared costs like group gifts, trips, events, and more. Available now in the US, Germany, Italy, and Spain, the feature is available directly in the PayPal app, making it simple to create, manage, and contribute to money pools.
What’s New?
With PayPal’s new feature, users can create a pool in the app or online, invite others to contribute, and track funds as they come in. The best part? There are no fees for setting up or contributing to a pool. Pool organizers can even transfer the collected funds to their PayPal balance, making it easy to spend or withdraw the money as needed.
Why This Matters
The need for collective funds isn’t new—whether it’s pitching in for a group gift, funding a trip, or organizing a special event like a concert or party, pooling money has always been a hassle. But now, PayPal aims to simplify that process with an easy-to-use, secure solution.
John Anderson, GM at PayPal, explains, “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.”
How Does It Work?
Setting up a pool in the PayPal app is super simple:
- Select “Pool Money” from the App Menu.
- Add a title, description, and target date.
- Share the pool link with friends via text, email, WhatsApp, or any other platform.
- Everyone can contribute—whether or not they have a PayPal account!
- Once the goal is met, the pool organizer can easily transfer the money to their PayPal balance.
Added Security
All transactions are safeguarded with 24/7 fraud monitoring and advanced encryption, ensuring peace of mind when sending or receiving funds.
The Bigger Picture
In 2024, PayPal found that in the US alone, consumers pooled money 86 million times for group purchases. This new feature is all about making those experiences smoother and more secure for everyone involved.
Whether you’re planning a family vacation or collecting money for a birthday gift, PayPal’s Money Pooling feature promises to save time and reduce the stress of organizing funds.
