The name change follows the renaming of the global company, which operates Facebook, Whatsapp and Instagram, among others, as Meta, in line with its ambitious metaverse goals.
The name Facebook Pay clearly ceased to have meaning when Facebook Inc. renamed itself Meta Platforms Inc., but the company also struggled with what to call its financial division, which encompassed Facebook Pay and the new crypto wallet. Novi. The soon to be rolled out Meta Pay name will make more sense for a number of initiatives the company is pushing.
Facebook rebranded to Meta in October to further 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.