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Facebook Pay will transform into Meta Pay to make way for the metaverse

Facebook Pay will transform into Meta Pay to make way for the metaverse

Facebook Pay will soon switch to Meta Pay and more options will be added (Photo: File)
Facebook Pay will soon switch to Meta Pay and more options will be added (Photo: File)

It has barely been a little over half a year since Facebookas array, renamed to Goal. Since then the company has been unifying, that is why on this occasion the name of the payment system known as Facebook Pay will change to Meta Pay.

According to a blog post from Stephane Kasriel, head of trading and fintech at Meta, the company is working to grow Goal with focus on metaverseso they are investing in improve payment experiences already existing since 2009.

Businesses and individuals from 160 countries and 55 different currencies use Meta’s platforms to make payments, including person-to-person, business-to-business, business-to-person, and consumer-to-business transactions.

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“The experience people see today is Facebook Pay, but we’ll soon bring it closer to the Meta brand by rebranding it to Meta Pay,” Kasriel said.

Facebook Pay will change Meta Pay (Photo: REUTERS/Dado Ruvic/Illustration/File Photo)
Facebook Pay will change Meta Pay (Photo: REUTERS/Dado Ruvic/Illustration/File Photo)

He assured that Meta is focused so that payments improve and are more pleasant for those who use Facebook Pay and have shown “a good adoption” in the countries in which they are currently locatedhowever, the ambition is to continue expanding to new regions.

He recalled that in the United States they carried new payment features to Messenger, including the /pay command, the ability to split payments, cash birthday gifts, and QR codes to send or request money.

In the case of Brazil, they have been investing in partnerships with local financial institutions for those who historically have not had access to digital payments.

He noted that they are creating ways for users to ask questions about specific products, make purchases and receive order confirmations, tracking numbers and delivery status updates in real time. All this would be from Messenger, so they don’t have to go to secondary applications or other Meta platforms.

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Image of Facebook Pay (Photo: File)
Image of Facebook Pay (Photo: File)

“We’re looking at further simplifying the payments experience on our platforms now, so people and businesses can access the benefits of interoperability in the metaverse.”

It would be a unique wallet “for people to represent who they are, what they own and how they pay.” The project is in the early stages of exploring what the single wallet experience would look like, so more information will be released at a later date.

They are initially breaking the idea down into at least five different axes, based on: “how can you prove who you are and carry that identity into different experiences in the metaverse; how can you store digital goods you own and take them with you Wherever you go; and how can pay easily and with the payment method you want, either from a friend or by buying from a company or creator.”

Small figurines are exhibited in front of a Meta logo (Photo: REUTERS/Dado Ruvic/Illustration)
Small figurines are exhibited in front of a Meta logo (Photo: REUTERS/Dado Ruvic/Illustration)

He assured that this is an important opportunity to attract more people to your financial system. He pointed out that there are currently about 1.7 billion people around the world without access to basic financial services.

He explained that it is partly because some they do not have identification documents to open accounts in financial institutions, so giving them the opportunity to access an online payment system without so many complications allows them to have basic financial services to support themselves, others and even start a business.

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Finally, in your project that is included with Target Pay is helping businesses and creators better serve their customers and fans by ensuring that “The metaverse has the potential to unlock more business opportunities.”

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