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Meta is introducing Meta Pay and a digital wallet for the metaverse


Meta CEO Mark Zuckerberg has today announced that the company is introducing Meta pay and a digital wallet for the metaverse. Following the parent company’s rebranding early this year to Meta, Facebook Pay is becoming Meta Pay. Zuckerberg says the change is a “first step” toward Meta creating a digital wallet for the future of its metaverse.

The Metapay software won’t change too much. It will stay the same easy way to shop, use it to send your friends and family members money over Facebook, Instagram and WhatsApp, as well as to pay for purchases and donate to charitable causes.

The digital wallet will let you securely manage your identity on the metaverse, what you own and how you pay. Not much improvement has been done on the 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.

Zuckerberg envisions a future where there will be all sorts of digital items you might want to create or buy. Early this week, the company introduced a digital designer clothing store that lets you buy digital clothes for your avatars, art, videos, music, experiences, virtual events, and more. However, with the digital items, proof of ownership will be important, especially if you want to take some of these items with you across different services or platforms across the metaverse.

We don’t know if the rollout is global or will be a gradual rollout but once made available, you should be able to sign into any metaverse experience and everything you’ve bought should be right there.

Zuckerberg also announced that there’s a long way to get there, but this kind of interoperability will deliver much better experiences for people and larger opportunities for creators around the world such that , the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators. The more easily you can transact, the bigger the opportunity for creators should get as well. We’re looking forward to building this out.