Facebook Pay will soon be rebranded as Meta Pay, according to a blog post written by Stephane Kasriel, head of fintech at Meta. With this rebranding, the company is focused on improving the payment experiences it already offers with Facebook Pay in regions with good adoption, rather than focusing on expanding into new countries. .
Meta is also exploring how to further simplify the payment experience on its platforms to make it easier to access and process payments in the metaverse. Kasriel said Meta is in the “very early stages” of exploring what a single wallet might look like. He pointed out that in terms of initial thinking, Meta is looking at how to prove who you are and how to carry that identity into different metaverse experiences.
The company is also thinking about how you can store the digital assets you own and take them with you wherever you go. Finally, the company is looking at how you can pay easily and with the payment method you want, whether it’s to a friend or by making a purchase from a company or creator. The company plans to say more about this in the future.
“Our path forward is grounded in our mission to empower everyone, everywhere to access the global financial system to accelerate financial inclusion and economic empowerment,” Kasriel writes. “Designing products and infrastructure today with the metaverse in mind will facilitate innovation for better access and real cost savings – even before the metaverse becomes mainstream. Now is the time to lay the foundations for the future. Because once these foundations are in place, the potential of the metaverse and the evolution of fintech will be limitless. »
Facebook has been in the payments industry since 2009 and says people use its platforms to make payments in 160 countries and 55 currencies, including person-to-person, business-to-business and business-to-consumer payments.
In October, Facebook rebranded to Meta to better reflect the company’s core ambition of building the metaverse. Since then, Meta has started renaming its products to match the company’s new branding. For example, Oculus Quest became Meta Quest, and Facebook Portal became Meta Portal. It makes sense that Meta is making this change for its checkout experience as well, especially as it prepares for the metaverse.