PayPal is introducing a new money-pooling feature that aims to make it easier to collect and pay for things as a group. The feature is free and allows PayPal users to create a pool online or via the platform’s app, invite friends and family to contribute, track contributed funds, and transfer that cash to their own PayPal balance.
Technology
PayPal will let you pool money for group gifts and shared expenses
PayPal is introducing a new money-pooling feature that aims to make it easier to collect and pay for things like gifts and group plans as a collective.
Provided you trust the pool organizer who will hold the power to spend or withdraw those funds, the pooling feature should provide a simple way to gather cash for things like gifts and group traveling collectively. Pool organizers can share pool joining links via “text, email, WhatsApp, and more†to people regardless of whether they have a PayPal account or not. Contributions can be made using a PayPal balance or bank account, and organizers can also set a pool name, description, target date, and funding goal amount.
The money pooling feature is rolling out today across the US, Germany, Italy, and Spain, and is coming to the UK “soon.†Users in those regions can access it by selecting “Pool Money†from either the PayPal app menu, or in the “More Options†menu within the “Send/Request†tab.Â
Other apps like Settle Up are already available that directly focus on tracking and pooling group expenses. Venmo also introduced a similar feature last year called “Groups†with a notable distinction — the responsibility is entirely shared, which may be a better solution if you don’t want a single individual in charge of the group.
Correction, November 14th: PayPal has clarified that the feature isn’t available in the UK yet but will be rolling out “soon.â€