Funds can be transferred to the user’s PayPal balance and spent or withdrawn instantly. Credit: Ink Drop/Shutterstock.

PayPal has rolled out a new feature that simplifies pooling money with friends and family for various shared expenses.  

This launch of the service in the US, Germany, Italy, and Spain enables users to create a money pool within the PayPal app or online, invite contributions, and manage the funds. 

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A 2024 PayPal survey highlighted that US consumers pooled money for group purchases around 86 million times last year, with common purposes including group gifts, travel, and special events.  

The new service allows customers to set up and contribute to money pools for free using their PayPal balance or linked bank account. Contributors do not need a PayPal account, broadening the feature’s accessibility. 

The process of creating a pool is simple, with users selecting the ‘Pool Money’ option, provide details such as title and target date, and sharing the pool link for contributions.  

Funds can be transferred to the users PayPal balance and spent or withdrawn instantly. PayPal ensures security with 24/7 fraud monitoring and encryption. 

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This feature accompanies PayPal easy-to-use money sending service within the app, allowing users to send funds to friends and family with a few taps.  

PayPal consumer SVP and GM John Anderson 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.” 

Last month, PayPal expanded its collaboration with Global Payments, focusing on enhancing the checkout experience for US merchants and consumers.