Tech

PayPal has launched a fundraising service called the Generosity Network

Like GoFundMe, the Generosity Network allows individuals to launch fundraisers for good causes.

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PayPal has launched its own GoFundMe-esque service for hosting cause-based fundraisers. Called the Generosity Network, the company says it's an "accessible, easy, and secure way" for people to raise money for causes that matter to them. Each campaign can last 30 days, and there is a maximum limit of $20,000 for each project.

Virtual begging — The service launches at a time when inequality in the U.S. is more exacerbated than ever due to high unemployment caused by the coronavirus pandemic and the fact that in America, healthcare is tied to employment. While it can seem heartwarming to people helping others, the campaigns that run on GoFundMe to help individuals cover their medical bills are actually pretty dystopian. Nobody should need to market their suffering and virtually beg for donations in order to get treatment necessary for survival. But then healthcare companies wouldn't be able to provide a return to shareholders, so that's how things are today.

According to PayPal, the Generosity Network is already being used to raise funds for funeral expenses, disaster relief for Providencia, and some people are using it to pay for treatment of rare cancers. Wholesome, isn't it?

Maybe unrelated but PayPal disabled commenting on its YouTube video announcing the service.

Be careful — It's unclear how much effort PayPal will take to scrutinize the legitimacy of campaigns. That's been a big problem for GoFundMe in the past as campaigns that have raised tens of thousands of dollars by exploiting people's goodwill have been discovered to be shams. PayPal is trusting campaign organizers to distribute funds onwards.

PayPal recently announced that it will revamp its app over the next year to become a mega app for all things banking that could even replace a traditional checking account. Users will be able to enable direct deposit, cash checks, buy cryptocurrency, purchase items online and in installments, and more.