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PayPal is introducing new features that allow users to pool money with friends or family members to collectively pay for trips, gifts, and more. The company is rolling out this feature in the U.S., Germany, the U.K., Italy, and Spain just in time for the holiday season.
In a recent move, PayPal is bringing back its pooling feature, previously known as “Money Pools,” which was originally launched in 2017. The decision to reintroduce this feature was driven by high customer demand, despite the service being discontinued globally in November 2021.
With the new version of the service, users can easily set up a pool from the PayPal app or website. They can create a pool by selecting the “Pool Money” option in the app menu or from the “More Options” menu in the “Send/Request” tab. Importantly, contributors can add money to the pool even if they don’t have a PayPal account.
Users have the ability to customize their pool by adding a title, description, target date, and optional goal amount. Once created, they can share a link with friends and family via text, email, WhatsApp, or Messenger. The pool creator can track contributions and transfer funds to their account for various purposes.
John Anderson, GM, SVP of Consumer at PayPal, highlighted the importance of simplifying group purchases and managing funds for customers. Apps like PayPal, Venmo, and Splitwise have similar features, but PayPal’s new pool feature is particularly useful for collecting money upfront before making a purchase.
The new pool feature aims to enhance social and financial interactions, making it easier for users to collaborate on group expenses.
