By Nick Øen, Gateway Product Manager at Trust Payments
Social media platforms, the long-standing giants of the internet, have been making some interesting changes as of late. Like any other development, social platforms are likely to go through a period of refinement, which appears to be an endless cycle of updates and enhancements. One of these includes payments via social platforms, a medium that can easily initiate a direct channel of communication between sellers and buyers.
Given social media’s vast user database and the payment capabilities readily available for businesses today through technology, it seems instinctive to merge the two. With platforms like TikTok, Facebook, and Instagram leading the way, buying things through social media is now as simple as liking a friend’s post. With more than one-third of worldwide shoppers making a purchase on social platforms in the last year, social media is quickly becoming the preferred online marketplace.
Now, Meta, formerly Facebook, wants to monetise the metaverse by increasing the digital wallet capabilities offered on the company’s social networks through the introduction of MetaPay.
What is MetaPay?
MetaPay, also previously known as Facebook Pay, is an easy-to-use payment method that is free for both individuals and businesses. It uses the latest security technology to provide peace of mind when conducting online and mobile payments.
It can be used to make purchases through social media (Instagram, Facebook, Messenger, WhatsApp, and Portal) or ecommerce websites. All that’s needed is a few clicks once it’s set up and frictionless payments can be made.
A new way to pay
To begin using MetaPay, essential information is added to the Facebook/Meta app. This includes payment, personal, and delivery information.
Once everything is set up, users can choose “Pay with MetaPay” at the checkout stage. Or, if a purchase is being made through social media, the business will request a specified amount. After either option, a PIN or biometric identification is used to authenticate the transaction.
Small businesses can integrate this payment method quickly as the majority of payment processing and e-commerce platforms cater to MetaPay. As long as a Facebook/Meta user is logged into their Facebook profile, users can use this payment method, making online purchases way more efficient.
Keeping data secure
Facebook/Meta has seen itself being caught in a variety of data scandals over the years. So, this could be a factor that prevents users from using it on a large scale.
With that being said, MetaPay has gone to extreme lengths to highlight how secure its payment method is. They say that top-tier security is used to encrypt all debit and credit details when added to the Meta/Facebook App. Furthermore, the user’s payment information will never be shared with third parties unless the user has given it permission to do so. And lastly, all the payment data is stored in a completely different location from the rest of the account information, helping to add another layer of security.
An all-in-one payment experience
Alongside the traditional ways to use MetaPay for buying items on ecommerce websites, using it on social media to make purchases is transforming typical online customer interaction.
For instance, if we look at Messenger, consumers can talk to small business representatives directly. A payment amount can then be requested and paid to allow for the product or service to be ordered rapidly.
This all-in-one customer experience offers great personalisation options. However, as the payment method develops, it will be interesting to see if customers prefer this style or see it as a drawback.
Due to the nature of the process, buyer anonymity is pretty much eroded. As a result, this could sway customers from purchasing goods this way. Plus, the beauty of online shopping is knowing what you want and ordering it without fuss. Adding a sales rep into the mix may slow down the process, causing frustration to some customers.
Although MetaPay is a new payment option for SMEs, it is a revolutionary virtual shopping experience that will undoubtedly bring customers closer to vendors and vice versa.
A gold-mine for SMEs
It goes without saying that social media platforms bring in a tremendous amount of users. If this payment method is widely adopted, the added convenience of purchasing through social media channels could be a game-changer for small businesses.
According to data collected, 46% of individuals who shop online want to have a mobile wallet to make purchases. MetaPay helps achieve this with a simplistic payment gateway that users can upload their card details to, allowing them to make fast and secure payments when the time comes.
There are no transaction fees, both for the business and the customer. This makes it very inviting for small businesses to use, especially when compared to the likes of PayPal, which charges fees.
As it currently stands, MetaPay is only available in selected countries and on selected platforms. However, as time progresses, more are likely to be added to the list. Its feature range, although limited, will also continue to grow and coupled with Meta’s popularity and convenience, will be one to watch as consumers look for the most streamlined and simple purchasing experience..
The future of in-app payments
The consumer market is continuously changing. Over time we will see if MetaPay distinguishes itself from other competitors such as Apple Pay and various cryptocurrencies for ecommerce
It definitely has unique characteristics that give it an edge; however, its fate will be determined by its usage. If customers prefer interacting with ecommerce businesses through social media channels, MetaPay could well become the leader in that race.