Facebook Pay is a payment service provided by Facebook that allows users to make payments and money transfers across Facebook, Messenger, Instagram, and WhatsApp. Meta Pay, on the other hand, is a digital wallet and payment system that is expected to be launched by Meta Platforms, the parent company of Facebook, in 2023. While the names are similar and they are both owned by Meta, Facebook Pay and Meta Pay are separate services with some key differences.
What is Facebook Pay?
Facebook Pay is a payment service powered by Facebook that provides users with a convenient way to make payments and send/receive money across Facebook’s family of apps including Facebook, Messenger, Instagram, and WhatsApp. Introduced in 2019, Facebook Pay allows users to store their payment information like debit/credit cards, PayPal accounts etc. in one place for easy and secure transactions across these platforms.
Some key features of Facebook Pay include:
- Makes payments seamless across Facebook apps
- Stores payment information securely
- Uses encryption and fraud protections
- No fees for peer-to-peer payments
- Accepted by thousands of merchants for in-app purchases and donations
Facebook Pay provides convenience to users by eliminating the need to enter payment details everytime you need to make a purchase or send money on Facebook’s platforms. It brings payments features like checkout, peer-to-peer payments, in-app purchases, donations etc under one roof.
What is Meta Pay (Novi)?
Meta Pay, formerly known as Novi, is an upcoming digital wallet and payments system expected to launch in 2023. It is being developed by Meta Platforms, the parent company of Facebook, Messenger, Instagram and WhatsApp.
Unlike Facebook Pay which facilitates payments across Meta’s apps, Meta Pay is planned as a standalone cryptocurrency wallet and payments app. Through the Novi wallet, users would be able to send and receive money instantly, securely, and without fees using Novi digital coins.
Some planned features of Meta Pay include:
- Digital wallet to hold/use novi digital coins
- Send and receive novi coins instantly and securely
- No fees, no minimum balances
- Built-in fraud protections
- Ability to cash in/out novi coins
By leveraging cryptocurrency technology, Meta aims to enable fast, low-cost money transfers and financial services through Meta Pay in the future. It is still in the development phase as of 2022.
Key Differences
While both Facebook Pay and Meta Pay are digital payment services from Meta Platforms, there are some notable differences between the two:
Services and Features
| Facebook Pay | Meta Pay |
|---|---|
| Payment service for Facebook apps | Standalone cryptocurrency wallet & payment app |
| Allows payments with existing methods like cards, banks, PayPal etc. | Uses Novi cryptocurrency for transfers |
| Checkout, peer-to-peer transfers, donations, in-app purchases | Send and receive Novi coins instantly & for free |
As seen above, Facebook Pay facilitates payments across Meta’s social apps leveraging users’ existing payment accounts and methods. Meta Pay will be a separate digital wallet focused on instant, low-cost transfers using its own cryptocurrency.
Status and Availability
Another major difference is that while Facebook Pay already exists and is available to use, Meta Pay is still under development with no definite launch timeline yet.
| Facebook Pay | Meta Pay |
|---|---|
| Already launched and available since 2019 | Still under development, expected launch in 2023 |
| Available on Facebook, Messenger, Instagram, WhatsApp | Planned as standalone Novi app upon launch |
Facebook Pay is currently used by millions of users transacting across Meta apps. Meta Pay is still in build mode and its pilot launch is anticipated sometime next year.
Use Cases and Target Audiences
There are also some differences in the potential use cases and target user base for Facebook Pay versus Meta Pay:
Facebook Pay Use Cases
- Peer-to-peer payments on Messenger or WhatsApp
- Donations to fundraisers, NGOs, social causes on Facebook
- In-app purchases on games and apps across Meta ecosystem
- Paying for items purchased from shops on Instagram and Facebook
- Sending payments to friends & family nationally and internationally
As Facebook Pay is embedded across Meta’s platforms, its use cases revolve around enabling payments on these platforms leveraging users’ social connections and activities.
Meta Pay Use Cases
- Domestic and international remittances
- Online shopping and bill payments
- Peer-to-peer transfers
- Cash in/out Novi coins
- Everyday spending and transfers
With its own digital currency, Meta Pay is expected to target a broader set of use cases beyond Meta apps including online commerce, remittances, and everyday transactions requiring an instant, low-cost payment mechanism.
Target User Base
| Facebook Pay | Meta Pay |
|---|---|
| Existing users of Facebook, Messenger, Instagram, WhatsApp | General consumers looking for digital payment solutions |
| Users making payments on social platforms | Remittance senders, online shoppers, small businesses |
Facebook Pay’s audience is primarily users already on Meta platforms wanting integrated payment functionalities. Meta Pay aims to target a much wider segment of digital payment users when it launches.
Conclusion
In summary:
- Facebook Pay enables payments on Facebook apps while Meta Pay will be a standalone Novi crypto wallet
- Facebook Pay leverages existing payment methods while Meta Pay uses Novi cryptocurrency
- Facebook Pay is already launched while Meta Pay is still in development
- Use cases and target audiences differ with Facebook Pay being social platform-centric while Meta Pay is for broader payment scenarios
So while the names may sound similar, Facebook Pay and Meta Pay are distinct services catering to different use cases. Facebook Pay is Meta’s social payments play within their apps ecosystem. Meta Pay will be a wider play in the digital payments space through an integrated digital currency wallet.