Diving Deeper Into The Metaverse, Facebook Pay Changes Its Name To Meta Pay

Meta recently changed the name of its payment service Facebook Pay to Meta Pay. (photo: unsplash)

JAKARTA - Meta has just changed the name of its payment service Facebook Pay to Meta Pay. The service is known to be available on Facebook, Messenger, Instagram, and WhatsApp.

“We are focused on improving the payment experience we already provide with Facebook Pay where we are seeing good adoption,” said Meta fintech head Stephane Kasriel.

"And with this, the service's emphasis will grow on quality in the countries we are in, rather than expanding to new countries now."

According to Kasriel's report, people who run businesses in 160 countries use the Meta platform to make payments in 55 currencies.

In addition, Meta is also exploring how it can further simplify the payment experience across its platforms to make payments more accessible and processed in the metaverse.

Launching TechCrunch, Friday, May 13, Kasriel added that Meta is still in the very early stages of considering what the single wallet experience would be like.

"Meta looks at how you prove who you are and brings that identity into a different experience in the metaverse. Companies are also considering how you can store your digital stuff and take it with you wherever you go," said Kasriel.

Finally, the company is looking for ways that users can pay easily and with the payment method they want, whether it's to a friend or making a purchase from a business or content creator.

“Designing products and infrastructure with today's metaverse will help facilitate innovation that provides greater access and real cost savings, even before the metaverse becomes mainstream. Now is the time to lay the building blocks for the future. Because once that foundation is in place, the potential of the metaverse, and where it can take fintech next, will be limitless," said Kasriel.

Facebook changed its corporate branding to Meta in October last year, to capture more of the company's core ambition, namely building a metaverse. Since then, Meta began to change the name of its products to match the new company branding.