PayPal is relaunching a feature that lets users pool money with friends and family to collectively pay for trips, travel, restaurants, and anything else.
The feature, called “Money Pools,” first made its debut on the platform in 2017, but was shuttered in 2021. Now Money Pools are back in time for the holiday season in the US, UK, Germany, Italy, and Spain with new and improved features.
Unlike the old version, people can now contribute to the pools even if they don't have a PayPal account.
A PayPal spokesperson told TechCrunch the feature is returning “due to high customer demand,” however the company never fully explained why it shut down Money Pools in the first place.
Either way, it's back! In the new version of the service, users will be able to setup a pool from the PayPal app or website by adding a title, description, target date, and optional goal amount for the pool. Once published, PayPal generates a shareable link to send to your friends, family, or crypto scamming Telegram group.
John Anderson, GM, SVP of Consumer at PayPal, said in a statement:
“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.”
Fintech apps have already offered ways to split expenses among a group of people, but TechCrunch notes that those features are more useful when you have already paid a bill, whereas Money Pools are handy when you want to get money from people upfront before spending it on something.