PayPal has today announced its latest innovation to help Irish consumers overcome problems with cash. 

PayPal research shows that 86% of Irish consumers chip in for group purchases such as gifts, restaurant bills, and travel expenses, but 32% then find it difficult to collect money from family, friends or colleagues.  

Its new "Money Pools" initiative is designed to enable consumers to "chip in" digitally for group purchases and is available now to over one million PayPal customers in Ireland. 

PayPal users can create their Money Pool via the PayPal app or website. They then share a short URL on social media, in messenger apps or by email to invite friends, family or colleagues to chip into the digital kitty. 

Fees may apply if a currency conversion is involved and a PayPal account is required to chip in, the company said. 

"In this day and age, we shouldn't need to chase up cash when we see people or have to navigate bank transfers," commented PayPal's vice president Louise Phelan.

She said that Money Pool is all part of the move towards digital money and making the most of that powerful computer in people's pocket - the smartphone.