What is Facebook Pay and How Does It Work?

Do you know what is Facebook Pay and how does it work? Available for customers and businesses that use the platform, it provides a new method to pay and receive payments online. It can facilitate the business transactions made inside the Facebook marketplace and offer another option for clients to choose from. Check out the article to know more about it. 

What is Facebook Pay?

Facebook Pay is a payment method that can be used not only on Facebook Marketplace but also on Instagram and WhatsApp. Business owners who sell through those platforms can enable this feature, but you can also use it to send money to other people on WhatsApp, even if none of you have a WhatsApp business account. 

How Does Facebook Pay Work?

Any person who has a Facebook, Instagram, or WhatsApp account can use Facebook Pay. You will need to register the payment method you wish to use, like a credit or debit card. When you are on Instagram or Facebook marketplace, all you need to do is select Facebook Pay, then you can finish your payment through it. 

On WhatsApp, you can transfer money to other users, friends, and family, for instance. On the right side of the WhatsApp chat, you will see a dollar sign, all you have to do is click on it, insert how much you want to pay, and put 

How to Access Facebook Pay on Facebook:

1 - Click on your profile picture, and go to "Settings & Privacy";

2 - Select "Settings", then click on Facebook Pay;

3 - Click on "Add payment method", and insert your information.

How to access Facebook Pay on Instagram

1 - Go to your profile, click on the three horizontal lines on the right corner of the screen, and on "Settings";

2 - Select "Payments", then click on " Account payments, and choose if you want to insert a debit or credit card, or connect with your PayPal. 

How to Access Facebook Pay on WhatsApp

1 - Click on settings, then select "Payments";

2 - Click on "Get Started"; then the platform will guide you through the steps to add the payment methods you prefer.

Where is Facebook Pay Available?

Now that you understand what Facebook Pay is and how it works, you need to know if it's available in your region, right? Currently, the feature can be used in the following countries. 

Africa: Algeria, Angola, Botswana, Egypt, Gabon, Ghana, Costa do Marfim, Kenya, Mauritius, Morocco, Seychelles, South Africa, and Tunisia.

Asia-Pacific: Afghanistan, Australia, Bangladesh, Brunei, Camboja, French Polynesia, Gham, Hong Kong, Japan, Kazakhstan, Laos, Macau, Malaysia, Maldives, Mongolia, Myanmar, Nepal, New Zealand, Pakistan, Papua New Guinea, Philippines, Singapore, Samoa, Sri Lanka, Taiwan, Thailand, and Vietnam. 

Europe: Albania, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Gibraltar, Greece, Greenland, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Moldavia, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Sweden, Switzerland, Turkey, Ukraine, United Kingdom. 

Latin America and Caribe: Anguilla, Antigua and Barbuda, Argentina, Aruba, Bahamas, Bermudas, Bolivia, Brazil, British Virgin Islands, Cayman Islands, Chile, Colombia, Costa Rica, Curaçao, Dominican Republic, Equator, El Salvador, French Guiana, Guadalupe, Guatemala, Honduras, Jamaica, Martinica, Mexico, Netherland Antilles, Nicaragua, Panama, Paraguay, Peru, Puerto Rico,  Saint Martin, Saint Kitts and Nevis, Saint Lucia, Trinidad and Tobago, Turks and Caicos Islands, US Virgin Islands, Venezuela. 

Middle East: Bahrein, Iraq, Israel, Jordan, Kuwait, Libano, Oman, Palestine, Qatar, Saudi Arabia, United Arab Emirates.

North America: Canada, and the United States of America.

How Much Does Facebook Pay cost?

Neither businesses nor customers have to pay any fee to adhere to Facebook Pay. If you receive or send money via Facebook Pay, you won't be charged for that. Sellers, though, will need to pay the payment processing fee. 

Is Facebook Pay Secure?

A payment method must be secure to function properly, otherwise who would want to use it, right? Your payment information isn't shared with anyone, not even the sellers, and it's kept separate from your social media account data. 

The ecommerce from who you buy using Facebook Pay will only see the necessary data to complete the purchase, such as your address, and contact information. What you buy won't be shown on your feed. 

Besides, Facebook Pay uses anti-fraud technology and offers customer support in case of any unauthorized transaction. Your credit and debit card data will be encrypted, and can't be shared with third parties without your permission. 

Meta Pay: The Future of Facebook Pay

Now that we have answered what is Facebook Pay and how does it work? We have news for you. Facebook Pay has become Meta Pay, and what changes does it bring? Most of you already know that Facebook passed through a rebranding process and is now part of Meta, which embraces not only Facebook, but also Instagram, Messenger, WhatsApp, and other ones. 

As the company explains, Meta Pay will keep being a safe and easy-to-use payment method. You will count on the same feature that Facebook Pay already offers. If you already use Facebook Pay, it isn't necessary to make any changes to your account. 

It's likely that as the Metaverse develops, you will be able to use MetaPay to enjoy its features and make purchases inside it. But that's something that we will need to wait and watch out for as this new platform evolves.