Launched in 2019, Facebook Pay, Meta’s online payment system, changed its name. To match the company’s new identity, the transaction service was simply renamed 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 streamline transactions without leaving the social media platform.
What is Meta Pay on cash app?
Similarly, Meta Pay on Cash App facilitates easy transfers, integrating social media with financial transactions.
MetaPay serves as a versatile payment method, supporting various transactions for goods and services across Facebook’s platforms.
To use Meta, you simply add a payment method, such as a debit card or credit card, to your account. This payment information enables you to send money directly to friends, buy products, or donate to causes.
The Meta’s button, found in the payment or checkout sections of the supported apps, makes initiating payments straightforward. You can securely store your credit and debit cards, ensuring swift transactions without re-entering your details each time.
As for safety, Meta employs advanced security measures to protect, making it a safe option for digital payments.
There is no MetaPay charge for sending money or making purchases within the apps. Which adds to its appeal as a convenient payment solution.
What is Meta pay used for 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 could be bank card or PayPal accounts to their Meta Pay wallet.
From all these social networks, it will be possible to access your balance and the history of transactions carried out with Meta Pay.
Again, at the moment only Messenger in the US is available. Heavily criticized for the management of user privacy, Facebook guaranteed that the data was end-to-end encrypted.
Once the mobile payment method is added to Meta Pay, the user can then use it to pay for online purchases. This payment solution has nothing to do (for the moment) with Apple Pay or Google Pay, we will see it further down on 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. The confirmation includes a facial recognition system (or fingerprint) or by entering a PIN code for smartphone models not equipped with biometric authentication.
A possible comparison with Apple Pay?
If Apple, Google and Meta all have an ambition in mobile payment, their niche is significantly 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 only on online transactions, within its ecosystem.
To implement this solution, Meta collaborated with Stripe and PayPal.
Chief Product Officer Deborah Liu explained that “Meta is built on existing financial infrastructure through partnerships.
And it is separate from the Calibra wallet which operates on the Libra network.” In other words, no bank (or online bank) is directly involved in this activity.
Meta Pay enhances the Facebook app, 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.
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- Source: https://www.financebrokerage.com/what-is-meta-pay/
