PayPal, the online payment system, has recently announced that it plans to stop its Money Pool function starting from November 2021.
The Money Pool system was launched back in 2017, which allowed PayPal users to collect money as a group for collective gifts, holidays or special occasions. It was both a secure and easy way to receive and send money and was in fact one of the app’s most used features. Money Pool was the perfect feature if you were planning a holiday with friends, or for organising a coworkers farewell party.
Starting from September 30, 2021, PayPal users will no longer be able to create new money pools and the ones that already exist will have a thirty day expiry period. Furthermore, if the money inside a money pool isn’t withdrawn by November 8, 2021, the leftover money will automatically be transferred to your PayPal account by November 15, 2021. Lastly, by November 8, 2021, PayPal users will no longer be able to access the information of old pools nor those who had participated in the pool.
The company has announced that it will focus on specialised money recovery services and we will have more information on this in the coming weeks.