As it stands, Meta Pay remains outpaced by some of its rivals in a number of ways. In ecommerce, while PayPal, Apple Pay and to a lesser extent Google Pay are widely accepted online, Meta Pay remains largely limited to its own ecosystem of websites and apps. There has been an attempt to move beyond this, such as with a partnership with Shopify, but Meta has far more work to do if it wants to take a sizeable slice of this market 🎯
Notably, the service does not currently include the ability to hold either fiat currency or crypto, with recipients of P2P payments needing to add a card in order to receive money they are sent. By contrast, PayPal has this service natively, while Apple can support this in some markets with the use of Apple Cash. Apple also has the ability to store documents such as tickets and passes, which Meta Pay currently does not support 💳
It seems that Meta has decided to focus on creating a new market for Meta Pay to dominate – the metaverse – rather than focusing on taking share of the highly competitive current market. However, for that to pay off, the metaverse not only needs to take off, but Meta needs to successfully establish itself as the payments platform of choice in the space, despite competition from the crypto arena 🔥
FXC Intelligence
#Innovation #Fintech #Banking #Ecommerce #Retail #BigTech #OpenBanking #OpenAPIs #SuperApps #FinancialServices #Payments #MobilePayments #DigitalPayments #QRcodes #Tokens #Blockchain #Crypto #Metaverse #Wallets #UX #CX
Notably, the service does not currently include the ability to hold either fiat currency or crypto, with recipients of P2P payments needing to add a card in order to receive money they are sent. By contrast, PayPal has this service natively, while Apple can support this in some markets with the use of Apple Cash. Apple also has the ability to store documents such as tickets and passes, which Meta Pay currently does not support 💳
It seems that Meta has decided to focus on creating a new market for Meta Pay to dominate – the metaverse – rather than focusing on taking share of the highly competitive current market. However, for that to pay off, the metaverse not only needs to take off, but Meta needs to successfully establish itself as the payments platform of choice in the space, despite competition from the crypto arena 🔥
FXC Intelligence
#Innovation #Fintech #Banking #Ecommerce #Retail #BigTech #OpenBanking #OpenAPIs #SuperApps #FinancialServices #Payments #MobilePayments #DigitalPayments #QRcodes #Tokens #Blockchain #Crypto #Metaverse #Wallets #UX #CX
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