PayPal is entering the crowdfunding space with the launch of Generosity Network — a new crowd-funding platform for donations.
The new platform lets users raise money for themselves or for others who are in need of money. Small businesses and charities can also raise funds via the platform.
Fundraisers can easily be created directly on PayPal's website, where funds are deposited into users' PayPal accounts once campaigns end successfully.
As of now, users can create fundraising campaigns of up to $20k, where campaigns last up to 30-days.
While the services are currently only available in the U.S. for now, it may roll out to other parts of the world gradually.
Similar to other crowdfunding platforms, Generosity Network will charge transaction fees upon successfully completed campaigns. For now, those fees are waived for donations made via credit and debit cards (cross-border / currency conversion fees still apply).
“From collecting money for grocery deliveries to high-risk populations to fundraising campaigns in support of teachers and frontline workers, we’ve seen an outpouring of generosity from the PayPal community using our platform to help one another during this unprecedented year. The Generosity Network was designed to provide an accessible, easy and secure way for our customers to raise money on behalf of causes, and connect them with millions of PayPal customers who can offer their support this holiday season and beyond”, said PayPal VP of Giving, Oktay Dogramaci, in a statement.