Crowdfunding platforms are particularly interesting for us at Hypertext, namely as all manner of peculiar gadget or niche game can be found on the likes of Indiegogo, Kickstarter or GoFundMe.
These platforms can also prove to be a bit of gamble for those who back projects, but perhaps a new offering from PayPal can provide a bit more peace of mind in the form of the Generosity Network.
Unlike the usual projects we see from would-be entrepreneurs on crowdfunding platforms, the Generosity Network is more akin to that of GoFundMe, with a specific focus on helping those who have been impacted by the COVID-19 pandemic.
To that end, its funding is called donations, with a limit set to 30 days for a “campaign” and up to $20 000 (~R308 783) capable of being raised.
It also naturally utilises PayPal’s system to facilitate donations, with the company noting that no transaction feeds currently apply for debit or credit card payments. That said, there are plans to add transaction fees to the process at a later stage.
The service can be used by individuals, businesses or larger organisations, but an adherence to PayPal’s T’s and C’s apply here, which is explicit in terms of misleading claims and incitement to hatred.
Whether these will be strictly enforced, remains to be seen, but is looks like PayPal is hoping the Generosity Network is a bit more philanthropic than other crowdfunding platforms.
For now the Generosity Network is limited to the United States, but there are plans to roll it out to other parts of the world in coming months.