PayPal to venture into crowdfunding through its service called Money Pools
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.
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.
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