PayPal in Ireland launches a new feature called Money Pools to help users collect monies from friends and families for everything from group gifts to shared household expenses.
According to PayPal research, 86 percent of Irish consumers said they have been involved in group purchases such as restaurant bills, gifts and travel expenses.
However, many people find it difficult to reclaim the money, with 32 percent saying they had difficulty being reimbursed, with work colleagues being the most awkward at 21 percent.
Family members aren’t much better, with 20 percent saying group purchases were difficult to manage.
Money Pools – The Solution
Money Pools is designed to enable consumers to ‘chip in’ digitally for group purchases and is available now at no cost to over a million PayPal customers in Ireland.
“We’ve all been there. You take the lead organising a group gift or buying some tickets, and then you spend weeks trying to get paid back. Quite often you might just give up and pay a larger share of the bill yourself. Frankly, it’s a thankless task!”
Louise Phelan, Vice President at PayPal
What is your thought on this feature and would you like to see it in other countries? Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.