Meta Launches Meta Pay, a Metaverse Digital Wallet

Meta Launches Meta Pay, a Metaverse Digital Wallet

The metaverse-based platform, Meta has announced the launch of a new wallet designed to support value interaction in the metaverse. Facebook Pay has been renamed to Meta Pay. Meta Pay will keep fulfilling the same functions that Facebook Pay did in the past, but will be developed as a universal way of paying for goods and services using digital identities in the metaverse.

Facebook Pay is Now Meta Pay

Meta is trying to solve the problem of transaction and value interactions in the metaverse. The company announced the launch of a new digital wallet that will support users in Meta’s metaverse. The wallet, named Meta Pay, will be an evolution of Facebook Pay, still supporting the payments it handles presently, but with a new focus on digital identity and proof of ownership.

Meta CEO Mark Zuckerberg said, "Meta Pay will be a solution to two issues in the metaverse; accessibility to digital goods and proof of ownership." He further stated:

"In the future, there will be all sorts of digital items you might want to create or buy — digital clothing, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services."

Interoperability and Standards in Metaverse

Zuckerberg stated that ideally, everything purchased in one part of the metaverse should be available on another platform with the same functions and traits. This is one of the goals that Meta seeks to achieve with Meta Pay; a sort of Web3 identity that links purchases of digital items to a singular digital identity. As Zuckerberg explained:

"This kind of interoperability will deliver much better experiences for people and larger opportunities for creators. That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators."

Zuckerberg thinks that a universal payment method across the whole metaverse will be an opportunity for content creators, as more consumers will be able to purchase their content. However, this can only be achieved with a certain degree of standardization.

The company recently partnered with Microsoft and other companies such as Epic Games to launch an open standards group for all things metaverse, working towards establishing common points to make metaverses more interoperable in the future.