Tech Insights - Facebook Pay Rebrands to Meta Pay in Preparation for Metaverse Expansion

Meta has rebranded Facebook Pay to Meta Pay, with the intention of creating a single digital wallet that can be used in the Metaverse. A key driver behind this decision to rebrand is to underpin payments in the Metaverse as well as provide a system that allows Metaverse users to prove ownership of digital content. Meta Pay will build on top of its already existing ‘Facebook Pay’ payments service, which currently enables seamless movement of money throughout the Meta portfolio of platforms including Instagram, WhatsApp and Messenger.

In Mark Zuckerberg’s latest Facebook statement on the subject, he describes ‘a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay’. In Facebook’s rebranding and commitment to building a Metaverse, Zuckerberg has defined the next stage for their embracement of Web 3.0 and their intention to be a leader in the space. By baking interoperability into their digital wallet, Meta aims to deliver an experience that will serve content creators and consumers alike, by enabling fluid movement of digital goods, assets, and apparel across blockchain instances. This will lower the barriers for consumers to access digital goods across marketplaces, and provide an opportunity for digital content creators to serve wider audiences.