By
Chimamanda U. Martha
April 12th, 2024
Meta CEO Mark Zuckerberg announced that Facebook Pay rebranded to Meta Pay and also detailed plans for digital wallet in the metaverse.
Facebook Pay has changed its name to Meta Pay, according to Mark Zuckerberg, chief executive of the parent company Meta Platforms (NASDAQ: META). The name change aligns the service with Meta’s ongoing metaverse-centric rebranding. In addition, Facebook Pay becoming Meta Pay also comes amid Zuckerberg’s detailed plans to create a digital wallet for the metaverse. The Meta Platform’s CEO’s announcement read in part:
“Today we’re taking the first step by changing Facebook Pay to become Meta Pay. It’ll stay the same easy way to shop, send money, and donate to causes you care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else you could use Facebook Pay.”
Furthermore, Zuckerberg also touched on the social media giant’s digital wallet vision, adding:
“But beyond the current features, we’re working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay.”
Meta Pay to Retain Core Functionality of Outgoing Facebook Pay, But with Eye on The Future
The rebranded payment service still offers the same product features and overall user experience as Facebook Pay. In addition, this same mode of operation will also remain the same across affiliated platforms such as Instagram, WhatsApp, and Messenger. Meta Platforms says the change will initially be only available in the US, but will eventually launch globally over time. However, the company did not offer a specific timeline.
Meta sees the Facebook Pay rebrand as a prime opportunity to work on people-connecting financial products within the digital economy. As the company stated:
“It’s important to us that we’re making sending and receiving money as simple, fast and cheap as sending a message to anyone, anywhere.”
In addition, Meta also added that it sought to provide trusted and convenient ways to facilitate such global payments of goods and services. Furthermore, Zuckerberg also alluded to the future of transacting digital items. According to him, proof of ownership will become paramount in order to create or buy digital goods and services. These include digital clothing, art, videos, music, experiences, and virtual events. In addition, Zuckerberg also opines that:
“Proof of ownership will be important, especially if you want to take some of these [digital goods and services] with you across different services.”
Functionality
In a blogpost, Meta breaks down the functionality of its Meta Pay service. Like Facebook Pay, the rebranded service will permit users to add their preferred payment method once. Afterward, users will be able to use Meta Pay for payments and purchases within and outside Meta services.
Meta Pay also allows users to view payment history, manage payment methods, and update their settings. Users would be able to seamlessly manage all these tasks in one place. Alternatively, users can also choose to leave their payment settings as is or have it transferred from Facebook Pay.