PayPal has launched a new crowdfunding-type service called Money Pools, which enables users to set a fundraising goal, and share a page describing the nature of the fundraiser with friends. PayPal suggests using money pools for group gifts, planning trips, special events like baby showers, or collecting money for someone in need. Chances are it will be used predominately for the latter, as almost half of the $2 billion raised on GoFundMe has been for medical expense fundraisers. Pages can be shared through email, social media, or messaging apps.
The payment processing is handled securely, as is to be expected from PayPal. The person requesting money can select if contributors' identities will be shared or kept private, though individual contributors can decline from being identified.
Like other crowdfunding services, the person requesting money only receives funds if the fundraising goal is met. Money Pools allows organizers to extend the deadline if it has not been reached.