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Facebook Pay Is Now Meta Pay

With the rebranding, Mark Zukerberg hopes to take the first steps towards being the de-facto payments platform of the metaverse

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Mark Zuckerberg, the co-founder of Meta Platforms, the parent company of social media platforms Facebook, Instagram, and instant messaging platform WhatsApp, has in a Facebook post announced the rebranding of Facebook Pay, to Meta Pay.

While introducing the rebranded platform as 'Meta Pay', he reiterated his vision for a unified digital payment platform in the metaverse by saying, "Today we're taking the first step by changing Facebook Pay to become Meta Pay."

On the software front, not much is changing in the immediate future. "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," he added.

However, Zuckerberg hopes that in the future, Meta Pay will serve as the de-facto payments platform of the metaverse.

"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," he added.

Zuckerberg admits that "there is a long way" to realising the platform's full potential where "you should be able to sign into any metaverse experience and everything you've bought should be right there."

He believes that "proof of ownership" will be critical in achieving the sort of interoperability that "will deliver much better experiences for people and larger opportunities for creators."

In December 2019, the company moved towards consolidating it's previously fragmented payments platform into one brand called 'Facebook Pay'. This therefore is the second re-branding of the product in the past few years. “We want to make sure that it’s really clear to people — that they have an understanding that these are unified products,” Deb Liu, Facebook’s VP of marketplace and commerce, had said in 2019.