Facebook Pay is now Meta Pay.
Meta CEO Mark Zuckerberg recently announced that Meta has officially renamed Facebook Pay to Meta Pay to provide payment solutions both in the Metaverse and in places where the service is widely adopted.
Facebook Pay’s rebranding was previously revealed on May 12 by Meta’s head of fintech, Stephanie Kasriel, via a blog post, according to Tech Crunch.
Facebook Pay rebranding
Zuckerberg mentioned in his announcement that the rebranding is a “first step” toward the company creating a digital wallet for its vision of the metaverse, per Engadget.
He also assured us that while Facebook Pay’s name would change to Meta Pay, the rest of its offerings would remain the same. He said it would remain the same “simple way” to shop, send money and donate to charity and people care about Facebook, Instagram, WhatsApp, Messenger and other places where Facebook Pay is used.
However, unlike Facebook Pay, Meta Pay will also serve as a digital wallet for those wishing to purchase digital items, such as clothing, art, videos, music, and similar products for the metaverse. It will also allow users to manage their identity, what they own and how they pay in a secure environment.
Zuckerberg mentioned that people who want to take digital items they’ve purchased into the Metaverse across different services would need to show proof of ownership, which is solved by the new Meta Pay feature.
Zuckerberg described an ideal scenario where Meta Pay is used so users can log into any metaverse experience, and anything users purchase for themselves, such as digital clothing, would be automatically available to them.
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“There’s a long way to go to get there, but this kind of interoperability will provide much better experiences for people and greater opportunities for creators,” Zuckerberg said while hinting that he wants Meta Pay is the go-to metaverse wallet.
He also added that the easier a user can transact, the greater the opportunity for the creator should also be through Meta Pay.
Previous announcement of Facebook Pay Rebranding
The news of the rebranding of Facebook Pay to Meta Pay is not at all surprising. Stephanie Kasriel mentioned in a Medium blog post in May that Meta was going to rebrand Facebook Pay to Meta pay to “enhance the payment experiences” that Meta already provides with Facebook Pay in places where it has high adoption instead of expanding. to new countries.
Kasriel also revealed that the company was, at the time, exploring how it could further simplify its payment experiences across its platforms to make it easier to access and process payments in the metaverse, which it eventually did.
He also mentioned that the company is also thinking about how to store the digital goods users have earned and take them wherever they go, which Zuckerberg said it will do.
Finally, Kasriel said Meta designs products and infrastructure before the Metaverse goes mainstream so that Meta helps facilitate innovation that provides “better access and real cost savings.”
“Now is the time to lay the foundations for the future,” Kasriel said. “Because once that foundation is in place, the potential of the metaverse, and where it can take fintech next, will be limitless.
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