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This Pool Money feature is likely to be used for shared expenses like group gifts, travel and special events, according to the release. To use the feature, PayPal customers set up a pool in the app or online, at no cost; invite friends and family to contribute, whether they have a PayPal account or not; track group contributions; and then transfer the funds to their PayPal balance to spend or withdraw.
“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, general manager and senior vice president of consumer at PayPal, said in the release.
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