Cash App just made it a lot easier to pool your money with friends. Here's how

Cash App

A new feature from Cash App will make it a lot easier to organize group payments.

Whether it's a birthday, a family trip, a group gift for a wedding, a bachelor party, or a girls' night out, collecting money from multiple people can be a pain. One person usually has to front the cost, try to track down payment from everyone involved (almost always using different platforms), keep tabs on who has paid and who hasn't, and sometimes front part of the total cost on their own while they do all this work. 

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In a release today, Cash App announced a new group pay option -- Pools. Cash App's new tool handles the group payment process for you, the company said, letting users invite members, set a target amount, and easily see who has paid and who hasn't. Even better, Cash App explained, the tool works with both Google Pay and Apple Pay, meaning everyone should be able to pay through the same platform. There's no fee for organizers or those making payments.

Venmo offers a similar option to split payments with its Groups feature.

How to use Cash App Pools

Here's how Cash App Pools works. You'll find the new option under the payments tab. Start by naming your group, setting a target amount, and inviting contributors. You can invite people through their cashtag or a specific link.

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People can pay through their Cash App balance, Apple Pay, or Google Pay. Organizers can track the group's contributions, close the pool at any time, and transfer the money to their own Cash App balance or bank account to make a payment.

Pooled money is separate from your main balance on the app, so you can track how these funds are used.

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Cash App said Pools will be available to a select group of customers starting July 29 and will roll out to other users in the coming months. The company noted that Pools is for personal use only, and not for investing or charitable purposes.