At PayPal, we’re constantly evolving our products to offer our 403 million global customers a safe and trusted way to manage and move money. Throughout the last 18 months, we have been inspired by the PayPal community who have come together to support each other amidst COVID-19 with payments of goodwill and random acts of kindness.
As we look at the way our customers have utilized the PayPal platform during the pandemic, we have identified an opportunity to evolve our product offering as part of our efforts to continually meet the ever-changing needs of our customers. We will be introducing new ways for our customers to raise and collect money in the coming months, and from November we will discontinue the PayPal Money Pools feature globally. Money Pools was created and launched in 2017 to allow PayPal customers to collect money for group gifts, travel or special occasions, and as we have seen our customers use the feature to raise money for causes in their community, we are evolving our product offering to more appropriately service this need.
From 30 September 2021, users will no longer be able to create new Money Pools and we will apply a 30-day maximum expiry date on all existing money pools. From early November, we will remove the Money Pools experience from the PayPal app and online, transferring outstanding balances to the Money Pool creator’s primary account balance.
Later this year, we will be expanding the availability of the PayPal Generosity Network to select markets outside of the U.S., providing more PayPal customers with a way to directly connect with millions of people who can help them raise money on behalf of a cause close to their heart. The PayPal Generosity Network enables PayPal customers to create customized fundraising campaigns for themselves, their community or their cause through the Generosity Network, to raise up to $20,000 over a 30-day period.
We will share more about this market expansion in the coming weeks, including new enhancements we will bring to the Generosity Network to make it easier to raise money for causes in our customer’s communities.
PayPal remains committed to enabling seamless ways to manage and move money, and there are a number of additional features available online or in the app. PayPal’s send and request money feature allows you to send or request money instantly to or from friends & family with an easy and secure platform. Sending money via PayPal is backed by fraud protection, 24/7 monitoring & secure encryption technology. Additionally, customers can create their own PayPal.Me bespoke web link to get paid by creating their own unique link to quickly, securely, and easily request money.
PayPal also makes it easy to support causes you care about with PayPal Giving Fund, which is available in the U.S., Canada, Australia, Ireland and the United Kingdom. Customers can choose from thousands of approved PayPal charities and donate directly within the PayPal app. PayPal Giving Fund in the U.S. is an IRS-registered 501(c)(3) public charity that allows consumers to support causes. 100% of the donation is delivered to charity, and PayPal covers all transaction fees.
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