PayPal has begun rolling out a feature that makes it easier for its customers and their friends and family to pool money for shared expenses.
The new Pool Money feature is now rolling out to PayPal customers in the U.S., Germany, Italy and Spain, and is set to launch in the U.K. soon, the company said in a Thursday (Nov. 14) press release emailed to PYMNTS.
“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.
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, the release said.
“Everyday life is all about connections, whether it’s chipping in for a group gift or planning a trip with friends and family,” Anderson said in the release. “PayPal understands this and aims to make those moments easier.”
PayPal-owned Venmo launched an in-app feature designed to streamline splitting and managing shared expenses among groups in November 2023, saying Venmo Groups was one of its most requested offerings.
“We know managing ongoing expenses in a group can be challenging, in particular when each member covers different costs with different amounts at different times,” Erika Sanchez, vice president and general manager at Venmo, said at the time in a press release. “As one of our most requested features, Venmo Groups offers a seamless solution for users to better track and settle shared expenses in group settings.”
In an earlier addition to its offerings, PayPal said in September that it was integrating its debit card with Apple Wallet to create its omnichannel “Pay Everywhere” solution and enter the in-store payment arena.