PayPal customers can easily collect and manage funds with
friends and family for things like group gifts, travel, special
events, and more in the PayPal app.
SAN
JOSE, Calif., Nov. 14,
2024 /PRNewswire/ -- Today, PayPal announced 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. Rolling out globally across the US, Germany, Italy and Spain, the new experience gives customers the
ability to set up a pool in the PayPal app or online, invite
friends and family to contribute, track group contributions and
transfer funds to their PayPal balance to spend or withdraw.
"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, GM, SVP of
Consumer at PayPal. "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."
According to a 2024 PayPal survey, consumers in the US pooled
money for group purchases approximately 86 million times last year
with some of the popular use cases being group-funded gifts, group
travel, and special events like concerts or sporting events.
Customers can set up a pool for free in the PayPal app and
contribute to an existing pool at no cost using their PayPal
balance or linked bank account. Pool organizers can invite any
friend or family member to contribute to their pool, whether they
have a PayPal account or not. Pool organizers will also be able to
transfer the collected funds to their PayPal balance and instantly
spend with PayPal or transfer funds to a linked bank account.
PayPal helps customers send money and pool funds with peace of
mind. Peer-to-peer transactions are protected by 24/7
fraud monitoring and advanced encryption that keeps
transactions guarded from start to finish.
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
- 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 now rolling out to customers across the
US, Germany, Italy and Spain.
How to Send Money to Friends and Family in the PayPal App
PayPal makes it easy to send and receive money with friends and
family this holiday season with a few easy steps in the PayPal
app.
- Navigate to the "Send/Request" tab
- Enter the recipient's name, PayPal username, email, or
mobile number.
- Enter the amount of money you want to send and choose a
currency. Make it personal by adding a note, animations and
more.
- Review your transaction details and choose "Send."
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/.
CONTACT: Reema Nimkar,
rnimkar@paypal.com
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SOURCE PayPal Holdings, Inc.
