Facebook Pay, Meta's online payment system, launched in 2019 and changed its name. To fit the company's new identity, the transaction service was simply renamed to Meta Pay. Let's see exactly what this system represents and how to use it.
What is Meta Pay on Facebook?
Meta Pay is a payment system that allows users to send money, make purchases, and donate within the Facebook app ecosystem.
It includes Instagram, WhatsApp, and Facebook Messenger. You can use Meta Pay on Facebook to simplify transactions without leaving the social media platform.
What is Meta Pay on Cash App?
Likewise, Meta Pay on Cash App facilitates transfers, integrating social media with financial transactions.
MetaPay acts as a versatile payment method, supporting various transactions of goods and services across Facebook platforms.
To use Meta, simply add a payment method, such as a debit or credit card, to your account. This payment information enables you to send money directly to friends, purchase products, or donate to causes.
The Meta button, located in the payment or checkout sections of supported apps, makes initiating a payment easy. You can store your credit and debit cards securely, ensuring quick transactions without re-entering your details every time.
As for safety, Meta uses advanced security measures for protection, making it a secure option for digital payments.
There are no MetaPay fees for sending money or making in-app purchases. Which increases its attractiveness as a convenient payment solution.
What is Meta pay used and how does it work?
How Meta Pay works is simple. No need to download an additional application, everything happens directly on social networks.
Users can add a payment solution. These can be bank cards or PayPal accounts in their Meta Pay wallet.
Through all of these social networks it will be possible to access your balance and the history of transactions made with Meta Pay.
Again, right now Messenger is only available in the US. After being heavily criticized for its user privacy management, Facebook ensured that data was end-to-end encrypted.
Once a mobile payment method is added to Meta Pay, the user can then use it to pay for online purchases. This payment solution has no relation (at the moment) to Apple Pay or Google Pay, we'll see that at the bottom of this page.
To confirm each transaction, Meta Pay requires additional confirmation from its users. On the same principle as any mobile payment solution.
You will have to confirm your identity for each transaction. Confirmation involves facial recognition (or fingerprint) or by entering a PIN for smartphone models not equipped with biometric authentication.
Possible comparison with Apple Pay?
If Apple, Google and Meta have ambition in mobile payments, their position is dramatically different.
Apple Pay and Google Pay are two mobile payment solutions that aim to be universal, both for online and physical payments. Meta is a project that focuses solely on online transactions, within its ecosystem.
To implement this solution, Meta teamed up with Stripe and PayPal.
“Meta builds on existing financial infrastructure through partnerships,” explained Chief Product Officer Deborah Liu.
It is separate from the Calibra wallet that runs on the Libra network. In other words, there is no bank (or online bank) directly involved in this activity.
Meta Pay enhances Facebook, Instagram and WhatsApp by providing a secure and convenient way to handle payments for various goods and services, making financial transactions seamless within the social media environment.
