According to a blog post written by Stephane Kasriel, head of financial technology at meta, Facebook pay will soon be renamed meta pay. With the rebranding of the brand, the company is focusing on strengthening the payment experience it has provided in areas where Facebook pay is used, rather than expanding to new countries.
Meta is also exploring how to further simplify the payment experience on its platform and make it easier to access and process in the metauniverse. Kasriel pointed out that meta is in a "very early stage" of considering what a single wallet experience might look like. In terms of its early thinking, meta is studying how to prove who you are and bring that identity into different experiences of the metauniverse.
The company is also considering how to store digital goods owned by users and take them wherever they go. Finally, the company is studying how to make it easy for users to pay in the way they want, whether it's for friends or from businesses or creators. The company plans to share more information in the future.
"Our way forward is based on our mission to give everyone and everywhere access to the world financial system to accelerate financial inclusion and economic empowerment," Kasriel wrote. "Today, when designing products and infrastructure, taking into account the meta universe will help promote innovation, provide greater traffic and real cost savings - even before the meta universe becomes mainstream, it is time to lay the foundation for the future. Once you have this foundation, the potential of the meta universe and where it can bring financial technology will be unlimited."
Facebook has been engaged in payment business since 2009 and said that people use its platform to pay in 160 countries and 55 currencies, including individual to individual, business to business and business to consumer payments.
Facebook changed its corporate brand to meta in October to more capture the company's core ambition, namely, to build a metauniverse. Since then, meta has begun renaming its products to match the new corporate brand. For example, oculus quest is now meta quest and Facebook portal is now meta portal. It is also reasonable for meta to make changes to its payment experience, especially when it is preparing for the metauniverse.
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