PayPal has launched a new feature that makes it easy to get funds from a group of people who all want to contribute to the item. Called Money Pools, the feature is exactly what it sounds like: a dedicated way to pool money, one that’ll no doubt come in handy with the upcoming holiday season. The feature is available now for anyone who has a PayPal account.
PayPal users are now able to create their own money pool, giving it a name and description for others to see. For example, if the pool is to buy Christmas gifts for someone, it could be named something like “Christmas Gifts 2017.” Once the pool is created, it can be shared with other people who then add their own contributions via their own PayPal account.
Everyone who contributes to the pool will need their own account. Once the pool is fully funded (a goal amount is set at the time of creation), whomever created it is able to get the funds and then use them as necessary. The pool can be shared on social media as well as through a direct link, enabling anyone with a link to contribute if they’d like.
Money Pools don’t have fees if the money is given through a PayPal account balance; however, credit and debit card contributions can be made for a fee. Encryption is used to keep funds secure, says PayPal, which suggests its Pool feature can be used for things like group gifts, special event funds, travel, and charitable reasons.