Facebook Pay has officially changed its name to Meta Pay, according to Mark Zuckerberg, CEO of Meta. Facebook, Instagram, WhatsApp, and Messenger will all continue to offer the same product features and general user interface that people are accustomed to with Facebook Pay. The modification is currently being implemented in the US before eventually going global.
The rebranding, according to Zuckerberg, is Meta’s first step toward developing a digital wallet for the metaverse even though the service will remain the same. According to him, a digital wallet in the metaverse will enable users to securely manage their identities, their possessions, and their payment methods.
What Did Zuckerberg Say, “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 on a 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.”
Although this vision won’t materialize any time soon, according to Zuckerberg, this kind of interconnectivity will result in better user experiences and more opportunities for creators. According to him, consumers will value digital goods more if they can use them in more places, which will expand the market for creators. He added that the ease with which users can transact will increase the opportunities available to creators.
Zuckerberg’s remarks follow Stephane Kasriel, the head of the fintech at Meta, who stated that Meta is “very early stages” of considering what a single wallet experience may entail. In terms of its early thinking, he claimed that Meta is considering how you can establish your identity and carry it with you throughout various experiences in the metaverse.
In a blog post at the time, Kasriel stated, “Our path forward is grounded in our mission to empower everyone, everywhere to access the world’s financial system to accelerate financial inclusion and economic empowerment.”
Before the metaverse even becomes widely used, “designing products and infrastructure with the metaverse in mind today will help facilitate innovation that delivers greater access and real cost savings. The time has come to lay the foundation for the future. The potential of the metaverse and where it can take fintech next will be endless once that foundation is established.