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PayPal launches Money Pools feature

PayPal has launched a new feature that lets people club together to track and share the costs of spending on group activities or personal goals.

PayPal says that Money Pools is not a crowdfunding platform because it is “not intended to facilitate fundraising for activities such as product development and organizers agree not to offer perks, rewards, or other incentives in return for contributions”.

The company is rolling out the service in 17 countries via a new ‘Your Pools’ link on user accounts.

Customers can personalise the page with details of spending plans and funding timelines and share the link via text, e-mail, Facebook or Twitter. Contribution may be anonymous or posted publicly in the timeline.

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