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PayPal launches its answer to GoFundMe
The platform lets you raise up to $20,000 for a good cause.
PayPal is launching the “Generosity Network,” a new GoFundMe-esque service that enables individuals to launch fundraising campaigns. The company says that it is an “accessible, easy and secure way” for people to raise money for issues that matter, especially in the wake of COVID-19. Each fundraising drive will last for up to 30 days, and there is a maximum limit of $20,000 imposed onto each project. PayPal is enabling users to donate their credit card rewards (through participating banks), converted to a dollar figure, as well as reminding everyone that they can add a $1 donation every time they shop online.
In the US, especially, there is a disconnect between the cost of basic necessities and the ability of people to pay for them. Services like GoFundMe are designed to enable people to request funds to support basic medical treatment not covered by insurance or hardship funds when things go wrong. Currently, the Generosity Network is raising funds for funeral expenses, disaster relief for Providencia and a number of people needing treatment for rare cancers.
With the Generosity Network, the funds are deposited directly into the organizer’s PayPal account, and they’re trusted to then distribute them onward. PayPal VP Oktay Dogramaci says that the company has seen an “outpouring of generosity from the PayPal community [...] during this unprecedented year.” COVID-19 has caused millions of people to lose their jobs and, by extension, their health insurance.
The Generosity Network is a separate enterprise to the PayPal Giving fund, which enables you to donate to major charities without transaction fees or deductions.
