October 2, 2022

On  22 June 2022, Meta renamed Facebook Pay to ‘Meta Pay’ and made it official. On the other hand, Mark Zuckerberg of Meta, the company’s CEO, has implied that the rebranding is Meta’s first step toward creating a wallet for its metaverse version.

Meta Pay pays for the Metaverse.

Zuckerberg announced the rebranding on Facebook on June 22 of that year. It was revealed that the company is working on a virtual wallet for the Metaverse to allow users to manage their digital items across the Metaverse. Meta Pay and a digital wallet for the Metaverse have been introduced.” Facebook Pay is being renamed Meta Pay today, and this is just the beginning.

To further explain the Meta Pay rebrand, Zuckerberg stated that the app would remain almost identical. Suppose you’re a user of any social media platform acquired by Meta (previously known as Facebook). In that case, you can shop, send money, and donate to the causes you care about using Meta Pay. As he put it, “It will remain the same simple way to send money, shop and donate to social causes you care about on Facebook, Instagram, Messenger and WhatsApp, anywhere else you could use Facebook Pay. In addition, we’re working on a new wallet for the Metaverse that allows you to manage your identity, what you own, and how you pay.”

Meta Pay’s features and functions

However, the CEO of Meta further stated, “But beyond the existing features, we’re working on something absolutely new: a wallet for the metaverse that manages your identity securely, what you own, and how you pay.” In addition, he explained how users would be able to create and purchase a wide range of digital goods, such as clothing, art, videos, music, and more.

If this is the case, users must be able to log into any  experience of metaverse and have all of their purchases there, according to Zuckerberg.

Zuckerberg hinted subtly at introducing non-fungible tokens (NFTs) with the rebranding announcement. Proof of ownership will be critical if you plan to move some of these items between services.

Search for Metaverse by Meta

Meta is making enormous strides to establish itself as a dominant force in the multiverse. The company had previously rebranded under a different name, making a name for itself in the Metaverse. Meta is now strongly a company first in the Metaverse, even though it is experiencing high expenditures in the short term. Metaverse research and development has cost the company billions, but the results are still under wraps.However, Meta is already conducting pilots in Hong Kong with some aspects of its technology. To realize the full potential of technology, the company, and its leaders have worked tirelessly to get things started. A lot of work has been done by Mark Zuckerberg in the last few weeks. As the company prepares to dive into its promise of the Metaverse fully, he recently demonstrated multiple VR headsets that will be made available to consumers and developers