PayPal will allow gathering money for group gifts and shared expenses.
A useful function, as long as you trust the organizer of the activity.
PayPal has launched a new money pooling feature designed to facilitate the collection and payment of group expenses. This service is free and allows PayPal users to create an online "pool" either through the app or the website, invite friends and family to contribute, and track the funds raised. Additionally, organizers can transfer the accumulated money to their own PayPal balance.
The feature is particularly useful for those who trust the organizer of the pool, as they will have control over spending or withdrawing the funds. Organizers can share links for joining the group via text messages, emails, WhatsApp, and more, and guests do not need to have a PayPal account to participate. Contributions can be made using a PayPal balance or a bank account, and organizers can also set a name for the pool, a description, a deadline, and a funding goal.
The money pooling functionality is being rolled out today in the United States, United Kingdom, Germany, Italy, and Spain. Users in these regions can access it by selecting “Pool Money” from the PayPal app menu or under “More Options” in the “Send/Request” tab.
Other apps, like Settle Up, focus specifically on tracking and pooling group expenses. Venmo, for its part, launched a similar feature last year called “Groups,” which emphasizes shared responsibility, making it a better option if one prefers not to rely on a single individual to manage the funds.