Meta Pay - Competitor Profile

Meta Pay - Competitor Profile

Summary

Meta Pay, formerly known as Facebook Pay, is a digital payment provider that allows users to make payment through social media platforms including Facebook, Messenger, WhatsApp, and Instagram. Meta Pay is now available to users across 144 countries and supports payments in 55 currencies, enabling online, in-app, and P2P payments.

The payment journey for Facebook was started long before Facebook Pay was launched, as it rolled out P2P payments in the US via Messenger in 2015. It was in November 2019 that it introduced Facebook Pay, bringing payment options under a single umbrella and across social media platforms Facebook, Messenger, Instagram, and WhatsApp. The brand was rebranded as Meta Pay in June 2022.

Meta Pay offers customers the opportunity to make payment through social media platforms such as Facebook and Instagram as well as via participating online merchants. It allows users to buy event tickets, make a donation, and purchase games as well as buy products from ecommerce platforms that offer their products and services on Meta-owned apps, such as Facebook and Instagram. This integration of social media with online shopping provides a convenient purchase experience to users as they can view products and make payments directly from a social media app, thereby merging social interactions with financial transactions within a single platform.

The report provides information and insights into Meta Pay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• The company's important events and milestones

Scope

• In March 2015, Facebook introduced P2P payments via Messenger in the US.
• In May 2018, Meta Pay partnered with tech company Flyt in the UK to enable customers at restaurants to make bill payments via Messenger.
• In August 2020, Meta Pay launched new unit Facebook Financial to manage its payment-related projects including Facebook Pay.
• In April 2021, Meta Pay relaunched its payment solution for WhatsApp users in Brazil.
• In April 2023, Meta Pay introduced option of payment to merchants in Brazil via WhatsApp; earlier it was limited to P2P payments only.

Reasons to Buy

• Gain insights into Meta Pay business operations and key events.
• Gain insights into its product portfolio.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.