Meta, the parent company of Facebook and Instagram, has recently announced a paid verification service called "Meta Verified". The service will cost $11.99 per month for web users and $14.99 for iPhone users, and will be available in Australia and New Zealand initially.
According to Meta, paying for verification will give users a blue badge, increased visibility of their posts, protection from impersonators, and easier access to customer service. Users will have to provide a government-supplied ID document that matches their Instagram or Facebook username, and their profile picture must include their face.
It's important to note that this is a new development, and there may be some concerns about the implications of allowing paying users to access a blue tick. Twitter's pay-for-verification feature was paused in the past due to concerns about impersonation.