Meta Pay, Digital Wallet For Metaverse Announced; Aims To Be Future Of Metaverse Transactions

Mark Zuckerberg has big plans for Meta, including monetization of the platform. Now, Facebook Pay was changed to Meta Pay, which Zuckerberg says is the first step toward becoming a digital wallet for the Metaverse. That said, the software aspect won't change much, at least not immediately.

What Is Meta Pay?

Meta Pay and a digital wallet for the Metaverse were announced, which is simply a rebranded version of Facebook Pay. Presently, most functions of Meta Pay will remain the same as Facebook Pay. "It'll stay the same easy way to shop, send money, and donate to causes you care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else you could use Facebook Pay," CEO Zuckerberg said in a post.

That said, Meta Pay's function won't be limited to just sending money. "But beyond the current features, we're working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay," the post further explains.

In the future, the Metaverse would include various kinds of digital items that users would want to create or buy. This could be digital art, videos, music, clothing, attending virtual events, having metaverse experiences, and so on. The new Meta Pay will function as a digital wallet for all these activities.

Zuckerberg further explains the safety and security aspects of Meta Pay. "Proof of ownership will be important, especially if you want to take some of these items with you across different services," the post says. "Ideally, you should be able to sign into any metaverse experience and everything you've bought should be right there."

Meta Pay For Creators

Simply put, Meta Pay is the digital wallet for all experiences on the Metaverse. However, that would still take time, which Zuckerberg explains in his Facebook post. Meta Pay would also create bigger opportunities for creators. "This kind of interoperability will deliver much better experiences for people and larger opportunities for creators," he states.

Using Meta Pay on the Meta platform for buying and selling digital goods will create a bigger market for creators, he further states. While the entire deal with Meta Pay aims for ease of transaction, Meta would indeed be the biggest benefactor.