PayPal Unveils Innovative Money Pooling Feature, Simplifying Group Expenses Between Family and Friends
PayPal customers can easily collect and manage funds with friends and family for things like group gifts, travel, special events, and more in the PayPal app.
SAN JOSE, Calif., Nov. 14, 2024 /PRNewswire/ -- Today, PayPal announced a new experience that gives customers an easy way to pool money with friends and family for group gifts, travel, special events or other shared expenses. Rolling out globally across the US, Germany, Italy and Spain, the new experience gives 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.
"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," said 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.
Customers can 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. Pool organizers can invite any friend or family member to contribute to their pool, whether they have a PayPal account or not. Pool organizers 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 helps customers send money and pool funds with peace of mind. Peer-to-peer transactions are protected by 24/7 fraud monitoring and advanced encryption that keeps transactions guarded from start to finish.
How to Set Up a Pool in the PayPal App
Customers can set up a pool by following a few simple steps in the PayPal app.
- Select "Pool Money" from the App Menu or in the "More Options" menu from the "Send/Request" tab to start creating your pool
- Enter a title, description, target date, and optional goal amount
- Share your pool link with friends and family via text, email, WhatsApp and more
- Your friends and family can contribute directly to the pool through your link
- Whenever you're ready, press "Transfer" from the Pool home page to transfer your funds to your PayPal balance
The new experience is now rolling out to customers across the US, Germany, Italy and Spain.
How to Send Money to Friends and Family in the PayPal App
PayPal makes it easy to send and receive money with friends and family this holiday season with a few easy steps in the PayPal app.
- Navigate to the "Send/Request" tab
- Enter the recipient's name, PayPal username, email, or mobile number.
- Enter the amount of money you want to send and choose a currency. Make it personal by adding a note, animations and more.
- Review your transaction details and choose "Send."
About PayPal
PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.
CONTACT: Reema Nimkar, [email protected]
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SOURCE PayPal Holdings, Inc.