Paypal launches its own fundraising platform where individual users and companies can raise money for worthy causes. Similar to GoFundMe, PayPal’s “Generosity Network” allows users to raise up to $20,000 over a 30-day period.
Generosity Network is one of PayPal’s largest financial service expansions in recent years and follows the launch of a smaller-scale feature called Money Pools that let friends and family collect funds for an individual. The newer feature can be used on a wider scale and accepts donations from virtually any user. Campaign creators can go into detail about their cause and planned use of the funds which could help spur donations as consumer interest in learning and discovery before making a “purchase” continues to drive decisions, according to a Gartner report. Generosity Network is currently available only to users in the United States who can set up one campaign at a time but must be “in good standing” on the platform to do so. To find initiatives to donate to, PayPal users can peruse the Generosity Network page by category, including social activism, small business, or medical help.
For the launch of Generosity Network, PayPal encouraged small businesses and charities to set up campaigns, as well as individuals facing unemployment or reduced income this year. As the Coronavirus pandemic has caused economic strife for many businesses and individual consumers, the campaigns could help users offer support during the holiday season. Consumer benevolence has risen this year and is actually part of the reason PayPal launched Generosity Network, as demand for peer-to-peer fundraising continues to grow and more consumers look online to lend a helping hand. To spread the word about its new channel, PayPal created a one minute ad on digital media and YouTube. The video walks viewers through exactly how to set up a Generosity Network campaign and who can benefit from the new feature. The ad could raise awareness for PayPal and encourage consumers to set up their own account on the platform.
As the holiday season is known as the season of giving, the timely launch of Generosity Network could prove far-reaching and boost PayPal’s connections with consumers via charitable contributions.