PayPal has announced the latest addition to its product suite, a pool money platform launched across four core markets.
The product has been designed to enable money pooling for shared experiences like group gifts, travel and events, and can be used via the PayPal app or online.
It also includes features such as tracking group contributions, transferring funds to balances and an invite function, where users can invite friends or family to contribute.
PayPal identified demand for the product in a survey conducted earlier this year, noting that US consumers pooled money more than 86 million times in 2023 for group-funded gifts, group travel, concerts and sporting events.
John Anderson, GM, SVP of Consumer at PayPal, said: “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.
“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.”
The launch is the latest in a series of upgrades and product launches PayPal has initiated this year. The San Jose-based multinational has been making moves in Artificial Intelligence (AI), stablecoins and blockchain, checkout, and personalisation and savings.
The company is taking its latest product live in the US, UK, Spain and Italy. It is unclear as and when launches in other countries will occur.
