PayPal has been busy lately, it has launched significant products that are well suited with the current times.
Just the other day, they announced an initiative to officially allow trading cryptocurrency like Bitcoin on its platform, a move that aligns well with the soaring bitcoin value. Today, PayPal is launching another timely product, The Generosity Network.
This new product will enable users to conduct fundraising on PayPal. Users will be able to make fundraising pages with information on why they need the funds. Additionally, users can upload photos to aid their fundraising campaigns. All transactions towards the fund will be processed by PayPal and they will not include the usual charges, for now, there are reports that fees will come in the future. This sounds quite familiar to what GoFundMe does but PayPal has a twist.
The catch is that fundraising campaigns can only last for 30 days and the total amount shouldn’t exceed $20,000. Individuals, businesses, and organizations can initiate campaigns if they fall within the PayPal guidelines.
In terms of fraud detection on the service, PayPal with use its community to report any irregularities they identify in the campaigns. The payment company currently doesn’t list any other methods they will use.
Generosity Network has a high chance of taking off in high gear due to the huge number of people already using PayPal. You might be wondering what is the difference between this product and PayPal Money Pools. Well, Money Pools was a fundraising feature that enabled users to request money from friends and family, however, Generosity Network goes a step further by letting the public pitch into your campaign.
The payments giant has chosen a great time to launch this product, due to the COVID-19 pandemic, many people are having a difficult time due to loss of jobs and medical bills stacking up, this feature will be a huge help.