In a bid to monetize its platform, social network service Instagram has introduced a new payment feature that would give users of the platform the ability to purchase products from small businesses and track their orders, all via direct messages. In an announcement by Meta CEO Mark Zuckerberg, the Payment in chat feature will be available to users in the United States.
Over 1 billion active users and 200 million business profiles continuously interact on Instagram. Meta (Instagram's mother company) makes these interactions easier by simplifying the payments process on Instagram, thus introducing Meta Pay, which would seek to eliminate traditional payment processes. Eliminating these processes would tackle the challenge of navigating several links and websites to make payments. A simplified payment system would be a plus for small businesses as this new functionality will foster sales.
As Meta's new functionality dazzles many users across the United States, the company will also need to go all out in boosting security on Instagram as many have raised concerns about the alarming scam rate on Instagram and the entire internet, with impersonation constantly on the rise. Securing users' data and information will help boost Instagram's traffic and ensure it thrives against major rivals like TikTok, whose platform is already monetized since 2020.
The United States of America in focus:
Population: 329.5 million in 2020 as compared to 328.3 million in 2019
GDP: $20.94 trillion compared to $21.43 trillion in 2019
GDP per capita: $63,543 in 2020 compared to $65,279 in 2019