Online payments giant PayPal has launched a new feature in its app to make it easier for customers to pool money with friends and family for group gifts, travel, events or other shared expenses.
Through its new feature, PayPal plans to give its customers the ability to set up a pool in the PayPal app or online, invite friends and family to contribute, track group contributions and transfer funds to their PayPal balance to spend or withdraw. PayPal is initially rolling out the new experience across the US, Germany, Italy and Spain.
Customers will be able to set up a pool for free in the PayPal app and contribute to an existing pool at no cost using their PayPal balance or linked bank account.
John Anderson, GM, SVP of consumer at PayPal
“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,” explained John Anderson, GM, SVP of consumer at PayPal. “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.”
According to a 2024 PayPal survey, consumers in the US pooled money for group purchases approximately 86 million times last year with some of the popular use cases being group-funded gifts, group travel, and special events like concerts or sporting events.
Pool organisers can invite any friend or family member to contribute to their pool, whether they have a PayPal account or not. Pool organisers will also be able to transfer the collected funds to their PayPal balance and instantly spend with PayPal or transfer funds to a linked bank account.
PayPal protects peer-to-peer transactions with 24/7 fraud monitoring and advanced encryption, keeping transactions guarded from start to finish.
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