Users Can Now Crowdfund Purchases Through PayPal Money Pools

Payments company PayPal has announced a new feature that allows users to crowdsource funding for a personal life event, group purchase, or expense through their PayPal account.

The new feature, called Money Pools, allows a PayPal user to create a “page” for the expense in question, where friends and family can then send funds. The service, which was announced by PayPal on Friday, November 10, can be used to collect the money needed for a group trip, a family party, or even an ongoing expense like rent.

The feature is currently only available to PayPal account holders. The company has rolled out Money Pools to its users in 16 countries, including the U.S., the UK, and Australia.

Read more at TechCrunch and Digital Trends.

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Grace Noto is Associate Editor of Bank Innovation. She has an MA from the University of Essex, as well as BA in English and a BA in Journalism from SUNY New Paltz. Prior to joining Bank Innovation in the summer of 2016, she worked on Electronic Products Magazine, an online publication surrounding technology and computer engineering, and has worked for other publications, including the Poughkeepsie Journal. She also writes in her spare time, and really needs more hobbies.

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