Facebook Pay is Now Meta Pay

Meta CEO Mark Zuckerberg has announced that Facebook Pay has officially been renamed as Meta Pay. The change is being rolled out in the United States and will be then launched globally over time. All the current features that people are used to with Facebook pay will remain the same across Facebook, Instagram, WhatsApp, and Messenger.

Zuckerberg has said that although the program remains the same, the rebranding represents the company’s initiation towards building a digital wallet for the metaverse. He said that his vision for a digital wallet in the metaverse will enable users safely manage their identities, what they own, and how they make their payments.

“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 in his 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.”

Zuckerberg also noted that even though this vision won’t come to fruition anytime soon, this interoperability will be able to deliver better experiences for users while also bigger opportunities for creators. The more places people use their digital goods, the more they’ll value them, which in turn will build a bigger market for creators.

A few weeks earlier, Meta’s head of fintech, Stephane Kasriel had said that Meta is in the ‘very early stages of working on a single wallet experience. He also noted that in terms of its early thinking, Meta is looking at how you can prove who you are and carry that identity into different experiences in the metaverse.

“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,” Kasriel had said in a blog post. “Designing products and infrastructure with the metaverse in mind today will help facilitate innovation that delivers greater access and real cost savings — before the metaverse even becomes mainstream. Now is the time to lay down the building blocks 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.”

Facebook rebranded itself into Meta recently to expand and capture more of its core ambition of building the metaverse. Since then, Meta has been renaming its products to match its new corporate branding.