Author: Alicia Kara
If you need to repay your buddies and cash is not an option, would you consider sending them money via Facebook or Instagram? Well, you can do it now with Meta Pay, previously Facebook Pay.
Meta Pay provides same services as Facebook Pay. With the latest enhancements, its payment functions will no longer be limited to its social media platforms and will be available to metaverse users.
However, Zuckerberg admitted that it would take some time before consumers can utilize Meta Pay in the metaverse.
But, before you use this payment tool, you should know a few things about the platform, such as how it works, how much it costs, and the security risks.
Let’s get right into it!
What is Meta Pay?
Meta Pay is a simple and safe way for consumers to make payments and contribute to charities they care about using Facebook, Whatsapp, Instagram, Messenger, and connected online stores.
Users may also anticipate the same functionality and user experience they expect from Facebook Pay. So, if you’ve used Facebook Pay in the past, Meta Pay shouldn’t be strange to you.
How does Meta Pay work?
You must complete some setup before you can send money through Meta Pay. You’ll need a Facebook or Instagram account to start, but you don’t need to customize your account or fill up your profile.
Follow the tips below to get started:
- Go to ‘Settings.’
- Select ‘Payments.’
- Choose ‘Facebook (Meta) Pay.’
- Fill up your account details and payment option. Meta Pay accepts most debit and credit cards and PayPal.
- When you wish to send money via Meta’s technologies or anyplace you see a Meta Pay feature when purchasing online, use Meta Pay.
It is critical to emphasize how simple and easy it is to get started with Meta Pay. Almost anyone can complete the process in a matter of minutes.
So, if you want to get started with Meta Pay immediately, you may do so yourself.
You can use the same methods to configure Meta Pay on Facebook or Instagram. However, because Meta Pay is unavailable, you may be unable to set it up on your Whatsapp. Meta claims to be updating this functionality.
Who should use Meta Pay?
Based on our experience with the platform, we believe Meta’s target audience is everyone who uses its technologies, such as Facebook and Instagram.
Cost
The best aspect about making payments via Meta Pay is that it is free. However, transfers can take a long time to complete. As a result, the funds may take up to five business days to reach the recipient’s account.
Security
Meta Pay is safe to use. Your complete personal banking information, as well as specific transaction information, is encrypted. There haven’t been any data breaches involving payments since Meta introduced the payment feature in 2015.
You shouldn’t worry too much as long as you have a secure password for your Facebook and Instagram accounts. You may also set up a PIN or use your device’s face or fingerprint recognition features to safeguard every transaction further. The numerous scams people attempt to run with Meta Pay provide the most risk.
Pros and Cons
Pros
- Easy to set up and use
- Zero transaction fee
- Excellent security
Cons
- Slow transfers
Meta Pay alternatives
Meta Pay isn’t the only way to send money to your friends. Consider the following alternatives:
- Zelle
Numerous significant US banks support the payment platform, Zelle. You can use it to transmit money to users who have bank accounts with banks that are a part of the Zelle system. You can also transfer money to another person’s checking account within a few days.
- Venmo
Venmo is a PayPal-owned peer-to-peer (P2P) payment application. When you create a Venmo account, you can link it to your bank account using a debit card. You immediately sync all of your phone contacts to the app, making it simple to send money to your friends.
- Google Pay Send
Google Pay Send works with Google Wallet to allow users to send money to friends and family. All you need is a Google account to get started. Given the number of individuals who use Gmail, you should be able to send money to almost everyone.
Final Thoughts
Meta Pay will eventually function as a digital wallet for the metaverse. It would establish a secure method for users to handle their digital funds and digital item ownership. Meta’s first move toward this goal is to rebrand from Facebook Pay to Meta Pay. For now, Meta Pay will offer customers a seamless and safe way to pay money across Meta’s products like Facebook and Instagram.