Facebook Pay digital wallet has been rebranded by its parent company Meta as “Meta Pay” for its version of the metaverse.
Mark Zuckerberg, Meta CEO, said Meta Pay, with additional features, would replace Facebook Pay. It will be used for Meta’s metaverse platform. Users will be able to securely manage their identity, what they own and how they pay. They would still be able to transact on Facebook and Instagram, WhatsApp, Messenger, and other supported platforms.
Zuckerberg, in a Facebook post, noted that there would be all sorts of digital items in the future that users would want to create or buy, such as art, digital clothing, music, videos, virtual events, experiences etc. He believes proof of ownership will be important, especially if the user wants to take some of the items with them across different services. Meta CEO highlighted that the user would be able to sign into the metaverse experience and everything they have bought, should be right there. This kind of interoperability will deliver much better experiences for the people. Moreover, there will be larger opportunities for creators. People will find more places where they can easily use their digital goods. And they will value the goods more. This creates a bigger market for creators.
Meta has invested billions of dollars into metaverse research and development. But there’s little that it can show right now. But this is bound to change in the near future as the virtual space company is exploring and trialing some aspects of the tech with pilots in Hong Kong.
Other companies, namely Microsoft, Epic Games, and 33 other companies have agreed to collaborate on open standards for the metaverse. This is called The Metaverse Standards Forum. The companies will work together to form open, interoperable standards for augmented and virtual reality, geospatial, and 3D tech.