Goodbye Facebook Pay, Hello Meta Pay: What You Can Expect

The changes just keep on rolling with Facebook. Meta is now renaming its payment system, Facebook Pay to Meta Pay.

"We're focused on enhancing the payments experiences we already provide with Facebook Pay where we're seeing good adoption," the post said.

Kasriel didn't dive into the details, but painted a broad picture instead, particularly on how Meta will simplify the payment experience on its platforms-Facebook, Messenger, Instagram, and WhatsApp.

A Single Wallet Experience

Meta's goal to simplify the payment experience may be seen in a single wallet experience that will represent who they are, what they own, and how they pay. Currently, it's still in the early stages.

So far, the Meta developers are working on how users can prove who they are, at the same time, carry their identity "into different experiences in the metaverse."

Furthermore, they are considering how users can store digital goods you own and take them where you go. And finally, it's looking for ways on how you can pay easily with the payment method you want, whether making a purchase from a creator or business or to a friend.

NFTs and Blockchain

Meta is also considering Web2 technologies, such as NFTs and blockchain. The vision is to see a place where athletes and entertainers can sell NFTs that will enable fans to buy displays in their homes.

"Beyond NFTs, there's a multitude of other Web3 tokens that we think are compelling-social tokens, community tokens, governance tokens-as well as tokenized real-world assets," he said.

This should come as no surprise because earlier this week, Meta already announced that it will start to test and share NFTs on Instagram. CEO Mark Zuckerberg also said that Facebook will see this feature soon.

Facebook has been providing payments since 2009 and it's available in 160 countries and 55 currencies. This also includes person to person, business to business, and business to consumer payments.

The platform changed its corporate branding to Meta in October to capture its core ambition, which is to build a metaverse. Since its rebranding, Meta renamed all their products to align with this new branding.

This new change ushered in a new era for the company that is now focusing on its future in virtual reality and the metaverse. However, there have been losses along the way, such as the $10 billion loss in 2021 and the eradication of its projects, along with postponements, due to the lack of budget.

Even though it hasn't been smooth sailing, the internet giant remains optimistic about its future goals and how it can make things so much easier for its consumers.

This article is owned by Tech Times

Written by April Fowell