Meta Even Mentions The Metaverse When Rebranding Its Payment System

Meta continues the meta-fication of its brands by renaming Facebook Pay, its payment system available on Facebook, Messenger, Instagram and WhatsApp, in Meta Pay. The change should happen “soon”, according to a blog post from Stephane Kasriel, head of business and financial technology at Meta, and is the latest indication that the company formerly known as Facebook is all in the metaverse.

“We are focused on improving the payment experiences we already offer with Facebook Pay, where we are seeing good adoption,” Kasriel wrote. “And with that, a focus on quality in the countries we’re already in, rather than expanding into new countries right now.” According to Kasriel’s post, people working in companies in 160 countries use Meta’s platforms to make payments.

Meta is also looking to simplify the payment experience on its platforms. Although Kasriel painted a general picture, he didn’t go into great detail:

We see this as a unique wallet experience that people can use to represent who they are, what they own, and how they pay. We’re in the very early stages of defining what a unique wallet experience might look like and we’ll have more to say later. But to break down our initial thoughts, we look at: how you can prove who you are and carry that identity across different experiences in the metaverse; how to store the digital assets you own and take them wherever you go; and how you can pay easily and with the payment method you want, whether it’s to a friend or buying from a business or creator.

Kasriel also explained how Meta views Web3 technologies such as blockchain and NFTs. “Imagine a world where artists or athletes can sell NFTs that fans buy to display in their virtual Horizon Homes,” he wrote in one example. (Horizon Worlds is Meta’s social metaverse platform.) “Or imagine it all coming together when your favorite artist performs a concert in the metaverse and shares an NFT that you can purchase to get a backstage pass after the show. .

“Beyond NFTs, there are a host of other Web3 tokens that we think are compelling – social tokens, community tokens, governance tokens – as well as tokenized real-world assets,” he added. “There are a lot of opportunities here, and we’re taking steps to better understand them and what they could mean for the metaverse.” Meta is already dipping its toes in the water with NFTs – it announced this week that it would start testing the ability to share NFTs on Instagram, and CEO Mark Zuckerberg said “a similar feature” is coming to Facebook soon. .

Kasriel took over from David Marcus, who ran Messenger, then Meta’s stalled cryptocurrency project, after leaving Meta late last year. While Meta called it quits this cryptocurrency project in January, based on Kasriel’s blog post on Thursday, it’s clear the company still sees plenty of other opportunities in payments and blockchain. Marcus is still involved in cryptocurrency, by the way; Thursday, he announced his new business, The luminous sparkwhich was created to “explore, build and expand the capabilities and utility of Bitcoin”.

Despite its metaverse vocal ambitions, Meta is cutting back on its investment in the idea slightly. Reuters reported Wednesday that the company is notifying staff members of its Reality Labs division prepare for cuts (although no layoffs are expected). But the company continues to push hard on virtual reality, with Zuckerberg showing off Meta’s next high-end virtual reality headset in a short demo video earlier Thursday, and has big plans for augmented reality hardware.



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Meta Even Mentions The Metaverse When Rebranding Its Payment System


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