Facebook payments system rebrands as Meta Pay

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Facebook payments system rebrands as Meta Pay

Facebook founder Mark Zuckerberg has announced a rebrand for the social network's digital payments system, saying it will be known from now as Meta Pay.

Zuckerberg said that Meta Pay will continue to be available across Facebook, Instagram, WhatsApp and Messenger for shopping, sending money and donating to causes.

He added that Meta Pay will get a multipurpose wallet for handling digital goods transactions.

"... 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.

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," Zuckerberg said.

Meta is working on the payments system currently with the aim to make it interoperable with other providers outside the social network, but Zuckerberg said "there's a long way to get there". 

Facebook Pay is available in the United States, Brazil and Thailand currently.

Meanwhile, the Metaverse Standards Forum has been formed to make tech companies' virtual worlds interoperable with one another.

The MSF includes includes members such as Meta, Microsoft and chip makers, but not Apple which has, while working on augmented and virtual reality goggles, not made any metaverse-related announcements.

Chaired by Nvidia's Neil Trevett, MSF welcomes other companies to participate in the industry forum.


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© CRN New Zealand

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