PayPal Unveils ‘Pool Cash’ Feature for Effortless Group Expenses

PayPal has officially started rolling out a new feature called “Pool Cash,” aimed at making it simpler for users, along with friends and family, to contribute funds toward shared expenses.

Currently, the Pool Cash feature is available to PayPal users in the U.S., Germany, Italy, and Spain, with plans to expand to the U.K. soon, according to a press release on Thursday (Nov. 14).

“We’re thrilled to bring a straightforward, no-fee option for gathering and managing funds for group purchases, assisting our customers in handling both social and financial aspects of life,” stated John Anderson, PayPal’s general manager and senior vice president of consumer.

Practical Uses for Pool Cash

The Pool Cash feature is expected to facilitate shared spending for various occasions such as group gifts, travel, and special events. PayPal users can easily set up a pool through the app or on the website, free of charge. Friends and family, even those without a PayPal account, can contribute, allowing users to track group contributions before transferring the funds to their PayPal balance for spending or withdrawal.

John Anderson also noted, “Everyday life revolves around connections, whether it’s contributing to a group gift or planning a trip. PayPal understands this and aims to simplify those moments.”

Meanwhile, Venmo, PayPal’s subsidiary, introduced its own in-app feature for handling shared group expenses in November 2023, called Venmo Groups. This feature quickly became one of Venmo’s most requested options.

“Managing ongoing expenses within a group can be challenging, especially when each participant covers different costs at different times,” explained Erika Sanchez, vice president and general manager of Venmo. “Venmo Groups offers a seamless solution for users to effectively track and balance shared expenses in social settings.”

In a previous update, PayPal also announced in September that it had integrated its debit card with Apple Wallet, expanding its “Pay Everywhere” option to include in-store payments.