Meta aims to expand its own payment system and announces a renaming to Meta Pay. The company also plans to develop a currency for the metaverse.
The social conglomerate Meta pay is diligently working on its own rebranding and increasingly focusing on new metaverse developments. After renaming Facebook to Meta, the payment system will now also operate under a new name: Facebook Pay is becoming Meta Pay. Stephane Kasriel, Commerce and Financial Lead at Meta, announced this in a blog post. He also refers to developments in payment options within the context of the metaverse.
Payment at Meta is being expanded
Currently, approximately 3.64 billion people worldwide use at least one of the Meta apps monthly. To provide payment options to all users within the realm of the social conglomerate, Meta began investing in relevant projects years ago. Although Meta’s own cryptocurrency, Diem, failed, the company was able to integrate a simple payment method for its platforms through Facebook Pay. However, this is renamed Meta Pay right now.
However, Meta not only wants to rename its own payment option but also further develop it. Stephane Kasriel discusses Web3 technologies such as blockchain and NFTs in his blog post. Meta recently introduced the integration of NFTs in the form of digital collectibles for Instagram, with Facebook following suit. To provide suitable payment options for trading NFTs and transactions within the metaverse, the social conglomerate is working on various innovations.