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PayPal launches crowdfunding network

PayPal is launching its own crowdfunding network.

The worldwide online payments system has announced they have launched the Generosity Network for charitable giving, which will allow PayPal users to create or donate to GoFundMe-style fundraising campaigns for people in need.

The Generosity Network isn’t hugely different from existing donation sites like GoFundMe, but it is contained within the PayPal platform, so users don’t have to worry about sending their money to a third-party site.

PayPal is encouraging users “who need a helping hand” to start a crowdfunding campaign that can accept donations for up to 30 days and receive a maximum of $20,000.

In comparison, GoFundMe doesn’t place time limits on campaigns and total donations can reach into the millions.

PayPal has also said funds will be deposited directly from the accounts of donors to those of recipients, and “for a limited time”, there will be no fees on donations, directly opposing the 2.9 percent processing fee taken by GoFundMe.

The Generosity Network already has its own page on the PayPal website, where users have begun to post their charitable campaigns.

The site also supports up to three “Featured Campaigns”, which currently highlight two campaigns looking for memorial expenses, and one which is raising money to fund the disaster relief efforts in Providencia, Colombia, following the recent hurricane that decimated the island.

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