Cash App now lets you pool money with friends who don't use the app
'We know that many of our customers already use the platform as a way to collect payments from groups,' Cash App product design head Cameron Worboys said in the press release. 'With pools, our customers now have a dedicated, easy-to-use solution for group payments: they can start a pool to collect the money in seconds, and then instantly transfer the funds to their Cash App balance when it's time to pay.'
Cash App says it's launching the pools feature today for a 'select group' of customers, and that the feature will roll out broadly 'in the coming months.'
Cash App pools can be created through the app's payments tab, and can be closed at any time to transfer the money to the organizer's Cash App balance. Pool organizers can set a funding target to help keep track of how much needs to be paid, and who has contributed towards group purchases, such as meals, vacation bookings, or event tickets.
It's similar to the money-pooling capabilities that PayPal launched in November last year, though PayPal's offering notably allows users to make pool contributions directly from their bank accounts. Settle Up and Venmo have also created features that aim to make tracking and pooling group expenses more convenient.
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