What Is Meta Pay? How It Works on Facebook and Instagram

Meta Pay is Meta’s digital wallet offering, similar to Google Pay, Apple Pay, and PayPal, lets customers buy products without reaching for their credit cards. If you’re selling on Meta apps or through a supported ecommerce payment processor, Meta Pay can streamline checkout when it is your target customer’s preferred payment method.

In this guide, learn how Meta Pay works, how it protects your customers’ information, and how to set it up for your business.

What is Meta Pay?

Meta Pay, formerly Facebook Pay, is a digital wallet that gives customers a secure payment method when shopping online, sending money to friends, and making donations. It can be used at online stores that integrate Meta Pay and on Meta platforms, including Facebook, Instagram, Messenger, and WhatsApp.

Meta Pay is similar to other digital wallets, like PayPal and Apple Pay. All three providers allow users to:

• Create a secure account

• Store a preferred payment method (credit or debit card)

• Store shipping and contact information

For small business owners, the benefit of Meta Pay is the same that comes with any digital wallet. Customers can complete a secure, fast checkout without getting out their physical credit or debit card or typing information into the checkout page. However, Meta Pay isn’t as commonly available as other digital wallets. While 90% of US retailers accept Apple Pay, for example, Meta Pay is available only on Meta apps and participating online stores.

Meta Pay is another digital payment option for providing a secure checkout experience to customers, especially within social media stores.

How does Meta Pay work? 

If your business runs on ecommerce software that supports Meta Pay, you can add the Meta Pay button to your checkout page. Meta Pay doesn’t actually transfer the funds; instead, it facilitates the process by providing the customer’s stored payment information in a secure way. Here’s what happens when a customer uses Meta Pay for a purchase:

1. The customer sets up a Meta Pay account and links a preferred payment card to the wallet, along with billing address, contact details, and shipping information. The Meta Pay digital wallet saves these details.

2. When the customer checks out using Meta Pay, they’ll be prompted to enter their Meta Pay PIN to verify their identity.

3. Meta Pay retrieves the customer’s payment details and sends them to your payment processor.

4. The payment processor communicates with the customer’s bank to verify they have enough funds for the transaction. 

5. If the transaction is approved, the payment processor handles the transfer from the customer’s bank account or credit card to your account.

How to accept payments through Meta Pay

1. Create a Meta Business account
2. Integrate Meta Pay on Facebook and Instagram Shop
3. Start receiving payments

Meta Pay is no longer an accelerated checkout option for Shopify stores. However, it is accepted through some other payment processors. When you’ve created a shop through a Meta app, you can add Meta Pay as a payment option. Your customers can then make secure payments using the saved details in their Meta Pay account. Here’s how to set up Meta Pay:

1. Create a Meta Business account

Start by creating a Meta Business account. Launch your personal Facebook account, choose the Pages button on the left-hand menu of your homepage, and select the “+ Create New Page” button. Enter the details for your business. 

2. Integrate Meta Pay on Facebook and Instagram Shop

Although some online stores still have the Meta Pay integration, Meta has phased out its partnership program. New online stores cannot integrate Meta Pay into their sites. Instead, the company is expanding Meta Pay functionality throughout its own ecosystem: Facebook, Instagram, and Messenger.

Meta Pay can be used on your Facebook shop and Instagram shop. When a customer chooses Meta Pay for the first time, they’ll be redirected to a payment page where they can securely enter their payment details. Going forward, Meta Pay automatically pulls up the customer’s details for quicker checkout. 

3. Start receiving payments

Payments made with Meta Pay should be deposited into your account immediately. Some transactions may take longer and are reviewed within 24 hours.

You can set up and manage your payout accounts through your Meta Business account, including options to manually link a bank account or link a PayPal account. The service is free to customers and merchants, however, payment processors may charge fees for Meta Pay transactions.

Is Meta Pay safe?

Meta Pay has multiple layers of security to protect your customers’ payment information and transactions. The security measures include:

• Anti-fraud technology. Meta’s monitoring systems routinely scan customers’ accounts to detect unauthorized activity and respond to potential threats. The information is stored separately from user profile data, ensuring an extra layer of privacy protection.

• Bank-level encryption. Meta Pay encrypts bank account and payment card details using industry-standard security protocols. This keeps sensitive financial information safe from unauthorized access.

• Real-time activity alerts. Customers receive instant notifications whenever Meta Pay detects unusual account activity, allowing them to take immediate action if needed.

• Authentication options. Users can set up a Meta Pay PIN within the app and enable the device’s biometric information. These steps help prevent unauthorized users from using Meta Pay on a stolen phone.