PayPal launched a new all-in-one, personalized app that includes a bevy of new features to manage their finances, from savings to shopping, as well as an expanded way to give directly to charities, individuals and businesses.
The San Jose, Calif-based payment processor introduced the Generosity Network in the United States last year to offer customers a way to create customized fundraising campaigns for themselves or others in need. The launch of the new PayPal app builds on the existing features of the Generosity Network with more ways to raise money for causes, directly within the new app.
In addition to raising funds for individuals or small businesses with Generosity Network, customers in the U.S. and United Kingdom (U.K.) can also seamlessly raise funds for their favorite charity with Generosity Network for Charity – a new function of the community-based Generosity Network. Instead of donated funds being sent to a customer’s PayPal account like it would with the Generosity Network, funds raised with Generosity Network for Charity will be donated directly to PayPal Giving Fund, a donor-advised fund (DAF) that grants the funds to charity.
PayPal’s Generosity Network, launched in 2020 to allow customers to raise funds for causes, expanded to the U.K. and Germany. Customers in these countries now can find causes to support in their local community or elsewhere, such as small businesses or individuals in need.
Each campaign created on the Generosity Network is amplified to millions who can help others reach their fundraising goals. Each campaign can raise up to $20,000 USD (£20,000 in the UK and €20,000 in Germany) and run for up to 30 days. Money donated is deposited directly into the customer’s account with PayPal, allowing customers to easily distribute the funds to the intended cause, whether that’s a small business, a friend, or family member.
Giving to individuals in the United States was estimated to have grown 12.8% between 2019 and 2020, to $16.22 billion.
Users can run one Generosity Network fundraiser at a time unless they represent a charity, in which case they can run multiple fundraisers at the same time. To accept donations via the Generosity Network, charities must enroll with the PayPal Giving Fund.
With the launch of the new PayPal app, for the first time in countries where Generosity Network and Generosity Network for Charity is available, customers can now raise funds and donate to causes right from their smartphone, by creating and discovering campaigns within the new PayPal app, as well as on desktop.
In addition to the Generosity Network, giving has been centralized, now located in the Payments hub in the new PayPal app alongside the ability to send and receive money from friends and family, and where you can pay bills. The new Giving tab houses the Generosity Network where you can create or contribute to a campaign and where users have the ability to search for and donate to support a charity.