What to know
- PayPal has launched a new Money Pool feature that lets users collect and manage group funds for shared expenses like gifts, travel, and special events.
- The free service is rolling out in the US, Germany, Italy, and Spain, allowing contributions from both PayPal and non-PayPal users.
- Create a PayPal money pool in seconds: Open PayPal app > Tap Pool Money > Enter title, date and amount > Share generated link with contributors.
PayPal has brought a game-changing solution for your group expense headaches. The new “Money Pool” feature lets you collect and manage funds with friends and family without breaking a sweat.
You can now kiss goodbye to those awkward “who owes what” conversations. The feature lets you create a pool, set a target date, and specify a goal amount. Once you’ve set up your pool, you’ll receive a unique link that you can share with participants through text, email, WhatsApp, or any messaging service you prefer.
Here’s the cherry on top – your friends don’t need a PayPal account to chip in. Contributors can fund the pool using either their PayPal balance or a linked bank account. As the pool organizer, you’ll have the power to transfer the collected funds to your PayPal balance whenever you’re ready to make the purchase or withdraw to your bank account.
How to set up “Pool Money” in PayPal
First, open your PayPal app or visit the PayPal website. Look for the “Pool Money” option in the app menu. If you’re using the website, you can also find it under the “More Options” menu within the “Send/Request” tab.
When creating your pool, you’ll need to provide some basic information. Enter a title that describes the purpose of your collection, add a description to give contributors more context, set a target date for when you need the funds, and optionally include a goal amount.
After setting up your pool, PayPal will generate a unique shareable link. You can distribute this link to your friends and family through various channels like text messages, email, WhatsApp, or any messaging platform you prefer.
As the pool organizer, you’ll have full visibility of all contributions made to the pool. You can monitor who has contributed and track progress toward your goal. The best part is that you can transfer the collected funds to your PayPal balance whenever you need them, giving you complete control over the pooled money.
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Group holidays financing gets easier with PayPal Pool money
The timing couldn’t be better with the holiday season around the corner. Whether you’re planning a group vacation, organizing a gift collection, or splitting costs for concert tickets, PayPal’s Money Pool has got you covered. The service comes with PayPal’s robust security features, including 24/7 fraud monitoring and encryption protection.
John Anderson, PayPal’s GM and SVP of Consumer, mentions: “Everyday life is all about connections, whether it’s chipping in for a group gift or planning a trip with friends and family.” This new feature aims to make those moments smoother and more enjoyable for everyone involved.
Image via: PayPal
