Financial platform Tribe Money Pools says it’s ready to introduce its mobile payments app.
Set to go live on Jan. 9, the app is designed for organizations, teams and social groups, helping them streamline shared expenses, the Kirkland, Wash.-based company said in a Tuesday (Dec. 31) news release.
“From managing club dues to collecting contributions for fundraisers or organizing group travel payments, transferring money has often been a cumbersome and time-consuming process,” the release said.
“Tribe Money Pools solves these challenges with a user-friendly interface and robust features designed specifically for groups, empowering them to focus on what matters most: achieving their goals.”
According to the release, the app lets users create group payment pools for any purpose, such as team activities and family events. It also offers real-time transfers, letting users instantly send and receive money using “bank-level security protocols.”
As PYMNTS wrote earlier this month, bill splitting is a popular use for digital wallets, especially among younger consumers. Research by PYMNTS Intelligence shows that 19% of Gen Z consumers and 12.5% of millennials in the U.K. regularly use digital wallets for this purpose.
“As younger generations embrace this functionality, they’re changing how financial exchanges happen among peers, making digital wallets indispensable for everyday financial management,” that report said.
On this side of the Atlantic, digital wallets are commonly used for transactions. Research from the PYMNTS Intelligence report “Digital Wallets Beyond Financial Transactions: U.S. Edition” found that 48% of consumers use their digital wallets for online shopping, while 39% use them for in-store payments.
Although these figures show a consistent trend, they also spotlight a gap in usage, particularly in comparison to other places such as Great Britain, where a significant portion of the population embraces digital wallets for non-transactional uses. For example, 23% of U.K. consumers use their digital wallets to keep travel or identity-related credentials, a feature that remains underutilized stateside.
“As consumers become more familiar with digital wallets, there’s an opportunity to expand their use beyond payments to include everyday activities like travel and identity verification,” PYMNTS wrote. “With growing interest and high satisfaction among early adopters, digital wallets are set for broader adoption.”
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