After Facebook changed its name to Meta, has also changed the names of several of its services so that they are consistent with the new corporate brand, such as Oculus Quest 2, which is now Meta Quest and Facebook Portal, by Meta Portal.
The company also wants to integrate your payment tool in this new horizon oriented to the . As revealed by the head of Meta fintech services, Stephane Kasriel, in a , very soon it will change its name to Meta Pay.
Much more than a simple name change
Facebook Pay has been operating as a payment platform since 2009, covering 160 countries and using 55 types of currencies in the different platforms of Facebook, Messenger, Instagram and in some countries in For the moment, the name change focuses especially on improve and simplify payment experiences in countries where Facebook Pay methods are already offered, being used by both users and companies, instead of expanding to new countries. The company wants to give more importance to the quality of the service before the quantity.
But as we said, the name change of the payment function of Meta not limited to a rebranding. Behind the decision is the company’s intention to create a payment system adapted to the needs that users will have in the metaverse environment.
“We are at a turning point. The beginning of the next chapter for the Internet. An opportunity to break down barriers and democratize access to and ownership of goods and services. The metaverse will transform the way people connect, businesses grow, and creators make a living. And with it, generate better social experiences than anything that exists today, and a digital economy that supports millions of creators and companies. There has been a great deal of interest recently in how we might address the payments and financial services in the metaverse. While it’s still very early days, I think it’s important to shed some light on how we’re thinking about it.” has explained stephane casriel
Kasriel has also stated that the company is “in the early stages of exploring what a unique wallet experience could look like within their proposed metaverse.” In this same sense, they are exploring how to store and take their digital products anywhere in the metaverse and how to use them to easily pay friends or companies, choosing the preferred payment method.
“If you buy something in one environment, you want to be able to use it in another”
In his writing, Kasriel has mentioned Web3 and the interoperability between different metaverses as the key to the future viability of this type of virtual environment:
“It’s no secret that we’re very optimistic about , both the technologies and the principles it encompasses. it’s already showing the profound impact it can have, though it’s early days compared to where we think it’s headed. It has spawned new ways to buy and sell digital goods by allowing creators to monetize their passions through tokens. It has enabled new ways to exchange value and engage in community and network governance. And there’s good reason to believe that blockchain will be central to people’s interactions in the metaverse, which is why we are expanding our efforts to support greater Web3 support.
The metaverse has the potential to be much more interoperable and portable than many online experiences available today. As a user, you will want to be able carry your avatar and your identity through different worlds and environments. If you buy something in one environment, you want to be able to use it in another.. As a creator, you don’t want to feel locked into islands of content. You’re going to want to have a relationship with your fans regardless of a specific platform and be able to sell a subscription or package that benefits your audience in all the different places you want to appear. This is why decentralization and support for this aspect of blockchain will be critical.”
The goal manager he has also expressed Meta’s enthusiasm for the blockchain, NTFs, and user interactions within the metaverse.
As an example, Kraisel wrote, “Imagine a world in which Artists or athletes can sell NFTs that fans purchase to display in their Horizons virtual homes. Or imagine all of this coming together when your favorite artist performs a concert in the metaverse and shares an NFT that you can purchase for a backstage pass after the show. RWe recently announced our first NFT offering, a trial of digital collectibles on Instagram, and we’re taking important steps to encourage openness and innovation by enabling connection to multiple blockchains and wallets from the start.
Beyond NFTs, there are a multitude of other Web3 tokens that we think are compelling (social tokens, community tokens, government tokens) as well as real-world tokenized assets. There are plenty of opportunities here, and we’re taking steps to better understand them and what they could mean for the metaverse. A democratic ownership economy combined with interoperability can unlock more innovation and value creation, ultimately it will increase the GDP of the metaverse.”
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