Facebook Pay rebranded as Meta Pay, hopes to be metaverse's digital wallet
By Team Newsable | First Published Jun 23, 2022, 3:55 PM ISTMeta Pay will continue to perform everything that Facebook Pay does, including transferring money to pals on Facebook, Instagram, and WhatsApp. It will also be useful for charity donations.
This week, the Facebook to Meta transition reaches a new level, with the digital payment network Facebook Pay being renamed as Meta Pay. According to Mark Zuckerberg, CEO of Meta, this might be the metaverse's digital wallet, where your digital avatars can buy digital objects and you will receive evidence of ownership for both the money and the item.
Meta Pay will continue to perform everything that Facebook Pay does, including transferring money to pals on Facebook, Instagram, and WhatsApp. It will also be useful for charity donations.
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However, the entire rationale for rebranding Meta Pay is directly related to Zuckerberg's metaverse idea. "We're working on something new: a wallet for the metaverse that allows you securely manage your identity, what you own, and how you pay," he said on Wednesday in a Facebook post.
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Furthermore, Zuckerberg feels that interoperability is critical for the digital wallet to be a success in the future, since it increases the opportunities for producers in the ecosystem. Closing the payment option for certain items reduces its reach and popularity while also forcing consumers to sign up for a product they don't want.
However, expanding the digital wallet's reach has a direct influence on the availability of commodities, and, more crucially, the wallet's market value rises.
In recent weeks, Zuckerberg has kept himself occupied. A few days ago, he demonstrated a number of VR headsets that would be available to both customers and developers as the firm tries to fully realise its promise of the metaverse. Although that's not all; Meta is also a member of the metaverse standards group, which includes Microsoft, but Apple has elected to stay out of the digital sector for the time being.
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