PayPal unwraps new money pooling feature, simplifying group gifting and social plans ahead of the festive season
Users can easily collect and manage money from friends and family for things like group gifts, travel, special events, and more in the PayPal app and online
LONDON, UK, Dec. 4, 2024 – Today PayPal announces 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, just in time for the festive season.
Free to create in the PayPal app or online, the new feature will be rolling out in the coming weeks giving customers the ability to set up a pool, invite friends and family to contribute whether they have a PayPal account or not. PayPal customers can track contributions, and the pool organiser can transfer the money to their PayPal balance to spend or withdraw to their bank account.
The launch comes as new data from PayPal1 reveals that Brits pooled money for group purchases approximately 18 million times last year with two-thirds pooling to split a group dinner (67%). Other popular occasions to pool funds were group travel (42%), living expenses (42%) and group-funded gifts (41%). In fact, pooling money is an increasing trend for Brits, with over a third (37%) saying they do this more than they have previously, with family birthdays being the most popular gifting occasion.
“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, General Manager, Senior Vice President of Consumer at PayPal. “We’re excited to introduce this simple solution for collecting and pooling money, helping us all navigate both the social and financial aspects of our lives with ease.”
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 or cover image
- 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 rolling out now to customers in the UK, US, Germany, Italy and Spain.
1 PayPal conducted the survey of 2,500 UK consumers in January 2024 exploring consumer behaviour related to pooling money over the last 12 months.
*An account with PayPal is required to create a Pool. Fees apply when converting currency and sending money to an account in another country. See fees here. Terms and limitations apply.
Imagery is for illustration purposes only.
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/