Facebook Pay becomes Meta Pay, will work as a digital wallet of Metaverse

Facebook Pay is now Meta Pay. Announcing the rebranding on Wednesday, Meta CEO Mark Zuckerberg said it was a “first step” towards the company’s vision of creating a digital wallet for its Metaverse vision.

At present, there is no change in Meta Pay except the name. You can still send money to your friends and relatives on Facebook, Instagram and WhatsApp and use it for online purchases, as before. However, the Meta CEO says that going forward, it will act as a universal wallet for the Metaverse. Let us know about it in detail.

Meta Pay to become Universal Wallet of Metaverse

Zuckerberg said the company is currently working on something that will help users manage their identities, digital items and payment methods in the digital world of the metaverse.

In his announcement, the CEO said that he sees a future where Meta Pay will act as a universal wallet for digital items purchased or created in the Metaverse. Zuckerberg’s Facebook post primarily focused on how the company’s Metaverse wallet would set up Proof of Digital Ownership.

The post also explains how Meta Pay can be used to create or buy digital art, clothing, videos, music, virtual events, experiences and more in the Metaverse. He said:

“Proof of ownership will be important, especially if you want to take some of these things with you to different services. Ideally, you should be able to sign into any Metaverse experience and everything you bought should be right there.”

Zuckerberg further said that there will still be a long way to go to get here, but such interoperability will create ease for creators and ordinary people. They say:

“The more places you can easily access your digital goods, the more value you will give to them, which creates a huge market for creators. The easier you can transact, the bigger the opportunity should be for creators. We are looking forward to making it.”