Paypal has today launched a new innovation to help Irish consumers overcome problems with cash. According to PayPal research, 86% of Irish consumers chip in for group purchases such as gifts, restaurant bills, and travel expenses, but almost a third (32%) find it difficult to collect money from family, friends or colleagues.
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. PayPal users simply create their Money Pool via the PayPal app or website, and then share a short URL on social media, in messenger apps or by email to invite friends, family or colleagues to chip into the digital kitty.
The tool was commissioned by Paypal after a survey commissioned by PayPal found that relationships in the workplace are under strain due to colleagues failing to chip in for group gifts. Twenty one percent of Irish consumers claim their co-workers are the hardest to get reimbursement from for group purchases like birthday or leaving gifts. Family members can be similarly tricky, with 20% of respondents finding group purchases difficult to manage with their relatives.
Ireland’s top 10 most common reasons for a kitty:
Buying birthday presents
Irish consumers appear to be feeling frustrated with the limitations of cash when it comes to group purchases. Almost two thirds (64%) said they would rather use money-sharing apps to pay collectively and settle a kitty.
Commenting on the research, Vice President at PayPal, Louise Phelan said, " In this day and age, we shouldn’t need to chase up cash when we see people or have to navigate length bank transfers. Instead you can save yourself the hassle by making a free digital kitty through PayPal and letting your Money Pool do the hard work for you. It’s all part of the move towards digital money and making the most of that powerful computer in your pocket – the smartphone."