PayPal has launched a new facility this week called Money Pools. Think of it as an organised, online whip round. If something needs paying for, create a Money Pool and everyone can chip in.
It’s distinct from crowd funding because you’re not allowed a share in a service that might be developed on the back of the fundraising and you also can’t bag a perk. If granny needs a new set of wheels, Money Pools is a way of getting her the cash.
PayPal says: “Money Pools were created to provide the millions of people who already use PayPal P2P with a more personalized and organized way to share expenses with more than one family member or friend for things like travel, gifts, celebrations and even recurring expenses like rent and utilities. Unlike crowdfunding solutions, Money Pools are 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 made to a Money Pool.”
PayPal has launched Money Pools this week in 16 countries — Australia, Austria, Belgium, Canada, Denmark, France, Germany, Italy, Netherlands, Norway, Poland, Spain, Sweden, Switzerland, United Kingdom and the United States. Anyone who has a PayPal account in these regions can create a Money Pool, or contribute to one. If you don’t have a PayPal account, then you can’t chip in.
