Paypal shuts down “Moneypool”. The company sent an email to the customers and via blog post communicates. Accordingly, PayPal users have the option to create new moneypools only until September 30, 2021.
Moneypools created on or before 30 September will be active for at least 30 days.
With this feature, PayPal customers can create virtual collection boxes for money. That way, multiple users can collect, for example, shared costs for an upcoming birthday, fundraising campaign or travel.
The payment service provider does not explain why the PayPal feature is now being discontinued. However, in the future, customers may wish to be referred to other services such as “PayPal.Me”. This gap should be filled.
PayPal: What Customers Have to Do With Moneypool Now
If you still have an active MoneyPool with PayPal, you do not need to be active. You have until November 8, 2021 to transfer the remaining money to your PayPal account.
However, PayPal takes this step itself. On November 15, 2021, the last deadline for MoneyPool to expire, all balances will be transferred to the MoneyPool creator’s PayPal account.
If you need individual contributions to your MoneyPool, you must write them down by hand or capture them with screenshots. Beginning November 8, 2021, all recordings will be deleted.
Paypal recently announced its Further Expand the “Honey” Service. Read what customers need to know about it and how you can save money under the link.
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