Mark Zuckerberg Announces Facebook Pay Changed To Meta Pay In Attempt To Enter Digital Wallets

Facebook Pay has now changed to Meta Pay. (photo: doc. facebook)

JAKARTA - Mark Zuckerberg, CEO of Meta Platform Inc., announced on Wednesday, June 22 that Facebook Pay has officially become Meta Pay. But in his post he called the feature focused on what the company hopes to build in the future: a "wallet for the metaverse."

Although Meta Pay is essentially the same tool as before, only distinguished by the Meta branding, Zuckerberg said the company is working on something that will allow users to manage their identity, items and payment methods while exploring the digital world that Meta will stake their future in.

Meta Platform Inc., had hinted at this plan earlier in an announcement last May by replacing Meta Pay. He mentioned that they are still figuring out what the single wallet experience is like in terms of making payments and storing your identity and digital goods.

Zuckerberg's post, mostly focused on how the metaverse wallet from Meta Platform In., will enable digital proof of ownership. He also mentions how it can be used to create and buy "digital clothes, art, videos, music, experiences, virtual events, and more."

Zuckerberg admits the idea is still in its early stages. The concept of a wallet that proves you own digital goods sounds a lot like a crypto wallet that holds NFTs.

In his post, Zuckerberg made no mention of blockchain at all. Meta has recently indeed attempted to integrate NFT into Instagram and Facebook. But the company hasn't really said whether they plan to actually build its metaverse using crypto or just take inspiration from it.

Given Meta's history, the latter is probably the best choice; his attempts to create a real cryptocurrency did not end well. Now they are reportedly looking for a digital currency that is not based on blockchain.

Reported by The Verge, Zuckerberg also said the plan is, for the Meta wallet to be interoperable, allowing you to take your stuff to "any metaverse experience."

Meanwhile, Zuckerberg has also admitted that he's not sure what interoperability between companies will look like. Meta recently helped in establishing a standard group with the aim of getting everyone on the same page in terms of language and technology related to the metaverse.

The wallet that Zuckerberg detailed is likely a long way off, especially if it's meant to be interoperable to a standard that doesn't yet exist. However, that didn't stop Meta from selling digital stuff for a while. They even have a shop that sells clothes for your digital avatar.