PayPal is launching a few features that let users in groups pool money with friends or family for trips, travels, gifts, and shared experiences. The company is launching this feature in the U.S., Germany, the U.K., Italy, and Spain ahead of the holiday season.
Users will be able to set up a pool from the PayPal app or the website. They can start by tapping on the new “Pool Money” option in the app menu. The option is also located in the “More Option” menu in the “Send/Request” tab.
You can add the title, description, target date, and optional goal amount for the pool. These pools have a sharable link that you can send to your friends or family via text, email, WhatsApp, or Messenger.
Your friends or family members can directly add money to the pool through that link, even if they don’t have a PayPal account.
The pool creator can track contributions from different invitees to the pool. They can also transfer the funds to their account anytime to spend on travel, gifts, or experiences.
“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. 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,” John Anderson, GM, SVP of Consumer at PayPal, said in a statement.
Apps like PayPal, Venmo, and Splitwise have had ways to split expenses among a group of people. However, that feature is more useful when you have already paid a bill. The new pool feature is handy when you want to get money from people upfront before spending it on something.