Introduction

According to the latest business finance news, PayPal has launched its service called Money Pools, which helps collect group based payment as well as crowdfunding sources. This platform can thus let contacts fundraise for a specific event or an item like gifts, trips, or even for rent payments. Money Pools is based on services such as GoFundMe and other similar platforms.

This service was the result of another platform being shut down called Tilt. This platform was first acquired by Airbnb and its main purpose was to let people pool their money for various events and purchase of items. But, after the company shut down, PayPal came to the rescue and decided to start a similar service.

PayPal is going to launch the service in 16 different countries: Australia, Belgium, Austria, Canada, Demark, Germany, Italy, France, Netherlands, Poland, Sweden, Norway, Spain, Switzerland, United States and the United Kingdom. People who have a PayPal account in these countries can create a Money Pool service account.

PayPal says that the service is free to use when money from the PayPal wallet or a debit card and a bank account linked to the PayPal account is utilized. Additional standardized fees can be applied by PayPal, when a currency conversion is involved with the service, by using a credit card that needs to be linked your PayPal account.

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After the Money Pool page is created, it can be personalized with images and text and provides you with a space to write about how you want the money contributed to appear, i.e. either public or anonymous. The site’s activity feed can be updated and links associated with specific campaigns can also be shared – this factor is important for social payments.

Ever since its inception in 1998, PayPal has come a long way in the e-commerce market, for enabling transactions through various electronic payment services. As per the latest finance news, the company holds a market cap of at least USD 88 billion.

Conclusion

PayPal’s launch of Money Pools marks a significant step towards enhancing group-based payments and crowdfunding. This new service, which enables users to collect funds for specific events or purchases, comes as a response to the shutdown of the Tilt platform. By offering the service for free (under certain conditions) and making it accessible in 16 countries, PayPal continues to strengthen its position as a leading player in the digital payment industry. The customizable features of Money Pools, such as privacy settings and personalized pages, make it a versatile tool for anyone looking to fundraise or manage group contributions.

FAQs

1. What is PayPal’s Money Pools service?
Money Pools allows users to collect funds for group events, gifts, trips, or even recurring payments like rent. It is similar to crowdfunding platforms such as GoFundMe.

2. Why did PayPal create Money Pools?
Money Pools was created after the shutdown of Tilt, a platform acquired by Airbnb for pooling money. PayPal saw the opportunity to fill the gap and provide a similar service.

3. Which countries have access to Money Pools?
Money Pools is available in 16 countries: Australia, Belgium, Austria, Canada, Denmark, Germany, Italy, France, Netherlands, Poland, Sweden, Norway, Spain, Switzerland, United States, and the United Kingdom.

4. How much does it cost to use PayPal Money Pools?
Using Money Pools is free when funded through a PayPal wallet, debit card, or linked bank account. Additional fees may apply if there’s a currency conversion or if a credit card is used.

5. Can I customize my Money Pool page?
Yes, you can personalize your Money Pool page with images, text, and privacy settings. You can choose whether contributions are public or anonymous and share campaign links.

6. Is PayPal Money Pools available worldwide?
No, it is currently available only in the 16 listed countries.

7. How has PayPal evolved since its launch?
Since its launch in 1998, PayPal has become a dominant force in the e-commerce and digital payment market, with a market cap of approximately USD 88 billion.

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