PayPal announces the introduction of a crowdfunding option MoneyPools

10 November 2017

PayPal PayPal announced the introduction of a new money collection function for its customers to enable them to collect funds for achieving their personal goals or sharing the costs associated with group activities. The new feature dubbed MoneyPools will be available in the form of “Your Pools” link in the personal cabinet for users in 17 countries worldwide.

PayPal cited the figures of a recent survey which reveals that 54% of the polled feel distressed about forthcoming holiday shopping season with just 32% of the respondents feeling happy. PayPal decided to launch a crowdfunding option to facilitate the process of collecting required amounts from relatives and friends.

Customers will be able to create a new pool for raising funds by identifying the gift they want to purchase, the recipient of the gift, the target amount and the timeline for money collection. The link for this pool may be shared in the SMS, email message, through Facebook or Twitter. Users will also be allowed to personalize their pool pages by adding some image for a cover and choosing if this page will be available for public view.

Last month it was reported that PayPal beat American Express in its market capitalization that reached $83 billion as the payment system’s shares grew by 75% since the year beginning. Morgan Stanley analysts noted that PayPal is one of the few major companies capable to deliver ‘high-teens revenue growth’.

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