PayPal makes major change to online payments before Christmas and shoppers will be thrilled
PAYPAL has made a major change to online payments before Christmas and shoppers will be thrilled.
The global payment group is launching a new feature that will make it easier for groups of friends or family to split payments for things like gifts or travel expenses.
The new feature will be free to use in the PayPal app and will give users the ability to set up a pool and invite friends and family to contribute.
The people invited to pay contributions do not need to have a PayPal account to make payments.
Meanwhile, customers can track contributions, and the organiser can transfer the money to their PayPal balance to spend or withdraw to their bank account.
The feature is expected to be up and running in a matter of weeks.
John Anderson, general manager, senior vice president of consumer at PayPal, said: “Everyday life is all about connections, whether it’s chipping in for a group gift or planning a trip with friends and family.
“PayPal understands this and aims to make those moments easier.”
It comes as new research from PayPal shows household’s appetite for spilling bills and other outgoings is rising.
Some 67% of friends and family have split payments for a group dinner and 42% have split payments to help with living payments,
And PayPal is not the only payment provider to offer a service like this.
Banks such as Monzo have a “Spilt the Bill” feature which lets share a payment with other Monzo customers.
You can also set up a shared tab with non-Monzo customers and request money from them to spilt the cost of a meal or other payments.
Elsewhere, users can also download apps such as Spiltwise to settle payments with friends and family.
It is worth noting that you need to have a mobile banking or a smart device to use these types of payment methods.
If you are sending money to a friend or family you should always make sure that you have their correct details to avoid being scammed.
HOW DOES PAYPAL POOLING WORK?
You will need to download the PayPal app to your smartphone or device to use the app.
This can be found in the Apple Store or Google Pay and it is free to download.
Once you have this set up on your device you will need to login and follow these steps:
- Select “Pool Money” from the App Menu or in the “More Options” menu from the“Send/Request” tab to start creating your pool
- Enter a title, description, target date, and optional goal amount or cover image
- Share your pool link with friends and family via text, email, WhatsApp and more
- Your friends and family can contribute directly to the pool through your link
- Whenever you’re ready, press “Transfer” from the Pool home page to transfer your funds to your PayPal balance
WHAT IS PAYPAL?
PayPal is an online payment system that allows users to
- Send and receive money around the world
- Make purchases at millions of online stores
- Manage bank and card information
- Use flexible payment option
There is no fee to sign up for a PayPal account or download the app.
However, you can be charged a fee for sending money with a PayPal credit, debit, or credit card or making a business transaction.
You can use tools such as PayPal calculator to see what charges you may face for making a transaction.