Facebook Pay is being renamed Meta Pay as Zuckerberg details plans to create a digital wallet for the metaverse

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Meta CEO Mark Zuckerberg announced This week, Facebook Pay was officially renamed to Meta Pay. The current product features and general user experience that people are used to with Facebook Pay will remain the same across Facebook, Instagram, WhatsApp, and Messenger. This change is being rolled out in the United States and then rolled out globally over time.

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Zuckerberg says that while the service will remain the same, the renaming represents Meta’s first step towards creating a digital wallet for the metaverse. He says his metaverse vision for a digital wallet will allow users to securely manage their identity, what they own, and how they pay.

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“In the future, there will be all sorts of digital items that you might want to create or buy – digital clothing, art, video, music, experiences, virtual events and more,” Zuckerberg said in a Facebook post. “Proof of ownership will be important, especially if you want to take some of these items with you to different services. Ideally, you should be able to enter any metaverse and everything you bought should be right there.”

Zuckerberg notes that while this vision won’t be realized anytime soon, this kind of interoperability will provide a better experience for people as well as provide greater opportunities for creators. He says the more places people can easily use their digital goods, the more they will appreciate them, which in turn will create a bigger market for creators. He also noted that the ability for users to make simpler transactions will create more opportunities for creators.

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Zuckerberg’s comments come weeks after Meta’s head of fintech Stefan Kasriel said: The meta is in “very early stages” consider what one wallet might look like. He said that in terms of his early thinking, the Meta is looking at how you can prove who you are and bring that identity to different experiences in the metaverse.

“Our path forward is based on our mission to bring everyone, everywhere, access to the global financial system to accelerate access to financial services and expand economic opportunity,” Kasriel said in his speech. Blog Post at that time. “Designing products and infrastructure with the Metaverse in mind today will help facilitate innovation that will enable greater access and real cost savings—even before the Metaverse becomes mainstream. It is time to lay the building blocks for the future. Because once that foundation is in place, the potential of the metaverse and the possibilities for fintech development will be limitless.”

Meta has been in the payments business since 2009 and says people use its platforms to make payments in 160 countries and 55 currencies, including person-to-person, business-to-business and business-to-consumer payments.

facebook changed its corporate branding to Meta in October to capture more of the company’s main goal, which is to build the metaverse. Since then, Meta has begun renaming its products to match the new corporate branding. For example, Oculus Quest is now called Meta Quest and the Facebook portal is now called Meta Portal. It makes sense for Meta to make changes to its payment experience as well, especially as it gears up for the metaverse.


Credit: techcrunch.com /

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