Facebook Pay becomes Meta Pay as Zuckerberg details plans to create a digital wallet for the metaverse – TechCrunch

Meta CEO Mark Zuckerberg announced this week that Facebook Pay has officially been renamed Meta Pay. The current product features and overall user experience that people are used to with Facebook Pay will remain the same across Facebook, Instagram, WhatsApp and Messenger. The change is rolling out in the US and will then launch globally over time.

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

“Going forward, there will be all kinds of digital items you might want to create or buy – digital apparel, art, videos, music, experiences, virtual events and more,” Zuckerberg said in a post on Facebook. “Proof of ownership will be important, especially if you want to take some of these items with you to different departments. Ideally, you should be able to log into any metaverse experience and everything you purchased should be there.

Zuckerberg notes that while this vision won’t materialize any time soon, this kind of interoperability will provide better experiences for people while providing greater opportunities for creators. He says the more easily people can use their digital assets, the more they will enjoy them, which in turn will create a bigger market for creators. He also noted that users’ ability to transact more easily will create greater opportunities for creators.

Zuckerberg’s comments come weeks after Meta’s head of fintech, Stephane Kasriel, said Meta was in the “very early stages” of looking at what a one-wallet experience might look like. He said that regarding his early thoughts, Meta looks at how you can prove who you are and carry that identity through different experiences in the Metaverse.

“Our way forward is grounded in our mission to empower everyone, everywhere to access the global financial system to accelerate financial inclusion and economic empowerment,” Kasriel said in a blog post at the time. “Designing products and infrastructure with the Metaverse in mind today will help facilitate innovation that provides greater access and real cost savings – even before the Metaverse becomes mainstream. Now is the time to lay the foundations for the future. Because once that foundation is in place, the potential of the metaverse, and where it can take fintech next, 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 rebranded to Meta in October to better capture the company’s core ambition, which is to build the metaverse. Since then, Meta has started renaming its products to match the company’s new branding. For example, Oculus Quest is now Meta Quest and Facebook Portal is now Meta Portal. It makes sense that Meta is changing its checkout experience as well, especially as it prepares for the Metaverse.

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