The Facebook to Meta transition hits a new level this week, as the digital payment platform Facebook Pay is now getting rebranded to Meta Pay. Mark Zuckerberg, CEO, Meta, claims this could be the digital wallet for the metaverse, where your digital avatars will be able to buy digital items and you will get the proof of ownership for this money and the item.
Meta Pay will continue to do everything that Facebook Pay offered, which is sending money to your friends via Facebook, Instagram and WhatsApp. It will also be helpful in payment for charitable causes.
But the whole reason for renaming Meta Pay is directly linked to Zuckerberg’s dream of the metaverse. “We’re working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay,” he mentioned in this Facebook post on Wednesday.
In addition to this, Zuckerberg believes that for the digital wallet to become a success in the future, interoperability is essential, as it enhances the chances for creators in the ecosystem. Closing the payment option to select products limits its reach and popularity, and also forces people to sign up for a product they don’t want.
But opening up the digital wallet to more places has a direct impact on the availability of goods, and more importantly, the wallet sees its value go up in the market.
Zuckerberg has kept himself busy in the past few weeks. Few days back, he demoed multiple VR headsets that will be made available for consumers as well as developers, as the company looks to completely dive into its promise of the metaverse. But that’s not all, Meta is also part of the metaverse standards body, which includes Microsoft but Apple has decided to bide its time in the digital business for now.