Facebook has rolled out a new tool that will let people ask friends for money for things like emergency expenses or tuition. The social network will now let users generate their own crowdfunding campaigns directly with the company’s mobile app. Users who are 18 or older will be able to set up a personal fundraiser, which Menlo Park hopes will be a means for folks to more easily reach potential backers like family members and close friends.
In 2016, the social networking giant launched a feature to help build fundraisers for 501c3 nonprofits verified by firms. The company even extended those funds to live videos. This week, it is giving Facebook users an opportunity to raise funds for medical, crisis relief, education, pet medical, personal emergency, and a funeral or loss.
Tech Crunch notes that the Internet giant is widening its set of online fundraising capabilities to include its own GoFundMe rival, starting in the United States. It was only a matter of time before the Zuckerberg-led social media firm launched a similar feature for its broader user base, particularly given the continued popularity of these type of internet campaigns and the social activity around them.
Anyone with access to the tool will be able to set up a dedicated Facebook page with info about the feature, where they can select a contribution goal, and receive fund through the platform. The social networking giant revealed that at first, it will only allow fundraisers to help cover the six areas, and that new categories may be added in the future.
Facebook’s new personal fundraisers allow users to ask friends to contribute to their cause. The Verge notes that the tool is pretty much a copy of GoFundMe, which has become the go-to crowdfunding platform when raising fund for personal causes. Menlo Park’s twist is that people will have their social network profiles attached, which can allow users to know who they are donating to.
The social media juggernaut hopes to expand the category list over time as it attempts to automate the review process. Facebook revealed that at the moment, the money-raising tool has a 24-hour proactive review process to ensure fundraisers meet community policies.
Menlo Park wants to be a channel to help it’s almost two billion users. CNET notes that the social network’s latest tool underscores the company’s desire to be more than a platform for political rants or baby pictures. In February, CEO Mark Zuckerberg released a 5,500-word manifesto on the company’s mission and the impact it can make on society.
Facebook’s latest fundraising feature will soon allow people to raise fund on behalf of themselves and others. The tool will be available over the next few weeks to users in the United States. The company said that there will be a 6.9 percent + 30 cents fees that will go to fundraiser vetting, payment processing fees, and security and fraud protection.
By Anila Maring
Photo Courtesy Facebook