Meta launches Meta Pay, a digital wallet dedicated to the metaverse

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Meta, the platform based on the metaverse, has announced the launch of a new wallet to support value interaction in the metaverse. Meta Pay, a rebrand of the former Facebook Pay service, will continue to perform the same functions as Facebook Pay in the past, but will be expanded as a universal way to pay for goods and services using digital identities in the metaverse.

Facebook Pay becomes Meta Pay

Meta tries to solve the problem of transaction and value interactions in the metaverse. The company has announced the launch of a new digital wallet that will support users’ economy in the next iteration of Meta’s metaverse. The wallet, dubbed Meta Pay, will be an evolution of what is now known as Facebook Pay, still supporting the range of payments it currently handles, but with a new focus on digital identity and proof. of property.

According to Meta (formerly Facebook) CEO Mark Zuckerberg, Meta Pay will be a solution to two metaverse problems: accessibility to digital goods and proof of ownership. In this regard, he said:

In the future, there will be all kinds of digital items you might want to create or buy – digital apparel, 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 to different departments.

Portability and Standardization in the Metaverse

Zuckerberg said that ideally, anything purchased in one part of the metaverse should be available on another platform, with the same functions and features. This is one of the goals Meta seeks to achieve with Meta Pay: a kind of Web3 identity that binds purchases of digital items to a singular digital identity. Zuckerberg explained:

This kind of interoperability will provide much better experiences for users and greater opportunities for creators. That is, the more easily you can use your digital assets, the more you will value them, which creates a bigger market for creators.

Additionally, Zuckerberg argues that a universal payment method across the entire metaverse will be an opportunity for content creators, as more consumers will be available 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 to establish commonalities to make Metaverses more interoperable across the board. coming.

What do you think of Meta Pay? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price surge happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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