Meta Even Talks To Metaverse If Its Payment System Is Rebranded

Meta continued the meta-fication of its brands by renaming Facebook Pay, its payment system available on Facebook, Messenger, Instagram and WhatsApp, to Meta Pay. The change is expected to happen “soon”, according to a blog post by Stephane Kasriel, head of business and financial technology at Meta, and is the latest indication that the company was formerly known as Facebook for being in the metaverse. .

“We are focused on improving the payment experiences we offer with Facebook Pay, which we have seen good adoption,” Kasriel wrote. “And with that, a focus on the quality of the countries we’re in, rather than expanding into new countries now.” According to Kasriel’s post, people who work for companies in 160 countries use Meta platforms to get paid.

Meta also seeks to simplify the payment experience on its platforms. Even if Kasriel paints an overall picture, he doesn’t mention many details:

We see it as a unique wallet experience that people can use to represent who they are, what they own, and how they pay. We are in the early stages of determining what a unique wallet experience will look like and we will have more to say later. But to break down our first thoughts, we looked at: how you can prove who you are and bring that identity into different metaverse experiences; how to store the digital assets you own and take them wherever you go; and how you can pay quickly and the way you want to pay, whether it’s from a friend or buying from a business or creator.

Kasriel also explains how Meta views Web3 technologies such as blockchain and NFTs. “Imagine a world where artists or athletes can sell NFTs purchased by fans to display in their virtual Horizon Homes,” he wrote in an example. (Horizon Worlds is Meta’s social metaverse platform.) “Or imagine it all together when your favorite artist performs a metaverse concert and participates in an NFT that you can purchase to get a backstage pass after the show.

“Beyond NFTs, there are many other Web3 tokens that we think are attractive – social tokens, community tokens, management tokens – as well as tokenized real -world assets,” he added. “There are a lot of opportunities here, and we’re taking steps to better understand them and what they can mean for the metaverse.” Meta is already dipping its fingers in the water on NFTs – it announced this week that it will begin testing the ability to share NFTs on Instagram, and CEO Mark Zuckerberg said “a similar feature” is coming to Facebook soon. .

Kasriel replaces David Marcus, who runs Messenger, then the discontinued cryptocurrency project on Meta, after leaving Meta last year. While Meta called it quits this cryptocurrency project in January, based on Kasriel’s blog post on Thursday, it’s clear the company still sees plenty of payment and blockchain opportunities. Marcus is still involved in cryptocurrency, by the way; Thursday, he announced his new venture, The Bright Spark, was created to “explore, build, and expand the capabilities and uses of Bitcoin.”

Despite its metaverse vocal ambitions, Meta has cut back a bit on its investment in the idea. Reuters It was reported Wednesday that the company told Reality Labs division staff to prepare for the cuts (even if there is no expected removal). But the company continues to push hard on virtual reality, with Zuckerberg showcasing Meta’s next high-end virtual reality headset in a short demo video early Thursday, and there are big plans for augmented reality hardware.

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