PayPal discontinues “MoneyPool”. The company sent this to customers and emails via blog post communicates. Accordingly, PayPal users only have the option to create new MoneyPools until September 30, 2021.
MoneyPools created on September 30th or a few days before will remain active for at least 30 days.
With the feature, PayPal customers can create a virtual collection box for money. In this way, several users can collect for, for example, an upcoming birthday, a fundraising campaign or shared costs for a trip.
The payment service provider does not reveal why the PayPal feature is now being discontinued. In the future, however, they want to refer customers to other services such as “PayPal.Me”. These should fill the gap.
PayPal: What customers now have to do with MoneyPool
If you still have an active MoneyPool with PayPal, you do not necessarily have to be active. You have until November 8, 2021 to transfer the remaining money to your PayPal account.
However, PayPal also takes this step itself. On November 15, 2021, the final deadline for the elimination of the MoneyPool, all remaining amounts will be transferred to the PayPal account of the MoneyPool creator.
If you need the individual contributions to your MoneyPool, you have to write them down by hand or capture them with a screenshot. From November 8, 2021, all recordings will be deleted.
PayPal recently announced its own Further expand the “Honey” service. Read what customers need to know about this and how you can save money under the link.