PayPal Relaunches Free 'Money Pools' Feature

PayPal has launched a new 'Money Pools' feature, available in the U.S., Germany, Italy, Spain, and the U.K., that allows users to collectively manage funds for group expenses such as gifts, travel, and events. This service is free and does not require pool members to have a PayPal account, distinguishing it from apps like Splitwise requiring sign-ups and often charging for advanced features. Users can create a pool with a target date and goal amount, share a unique link with participants, and track contributions, while funds can be transferred to the organizer’s PayPal account for spending or withdrawal. The feature was relaunched following increasing demand for group money management tools, as PayPal's internal research showed significant usage of personal accounts for pooling. PayPal's earlier version of this service was discontinued in 2021, possibly due to competition and the focus on charitable donations during the pandemic. This reintroduction aims to simplify group financial interactions, backed by PayPal's security measures.