Facebook Pay rebrands to Meta Pay with visions to become the digital wallet for the Metaverse

The wallet will prioritise interoperability and support the economy in Meta’s upcoming Metaverse
June 28, 2022 - Tom Peters

Meta CEO, Mark Zuckerberg, announced on Facebook that Facebook Pay had undergone a name change to Meta Pay. Meta Pay will still perform the same functions its earlier version did, with new features to be added in the future.


This rebrand is Meta’s first step in creating a digital wallet that can be used to complete transactions in the company’s upcoming Metaverse.


Zuckerberg says the digital wallet would grant owners access to digital goods while also serving as proof of ownership.


'In the future, there will be all sorts of digital items you might want to create or buy — digital clothing, art, videos, music, experiences, virtual events and more,' Zuckerberg said in his Facebook post. 'Proof of ownership will be important, especially if you want to take some of these items with you across different services. Ideally, you should be able to sign into any Metaverse experience, and everything you’ve bought should be right there,' he added.


The Meta CEO believes the interoperability of the wallet across the metaverse would be valuable to users, especially digital commodity creators. 'The more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators,' he explained.


A few weeks earlier, Meta’s head of fintech, Stephane Kasriel, revealed that although the plan is in its early stages, Meta is currently studying how users can prove their identities and carry them into different experiences in the Metaverse.


At the moment, Meta Pay is limited to making payments on the company’s various platforms while shopping online. New users can set up Meta Pay in the Payment settings on their Facebook accounts.


Meta also recently joined Microsoft, Epic Games, and 30 other companies to form a Metaverse standards body named the Metaverse Standards Forum to promote interoperability between several Metaverses.


Photo: Meta


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