Meta continues to introduce its brands by rebranding Facebook Pay, the payment system available on Facebook, Messenger, Instagram and WhatsApp, into Meta Pay. The change is expected to happen “soon,” according to a blog post by Stefan Kasrel, head of business and fintech at Meta, and it’s the latest indication that the company formerly known as Facebook is all in the metaverse.
“We’re focused on improving the payment experiences we already offer with Facebook Pay, as we’re seeing good adoption,” Kasriel wrote. “However, the focus is on quality in the countries we are already in, rather than expanding into new countries at the moment.” According to Kasriel’s post, people who work for companies in 160 countries use Meta platforms to make payments.
Meta is also looking to simplify the payment experience on its platforms. Although Kesriel painted a general picture, he did not go into much detail:
We consider this a unique wallet experience that people can use to represent who they are, what they own and how they pay. We’re in the very early stages of figuring out what a unique wallet experience might look like and we’ll have more to say later. But to break down our initial ideas, we look at: How can you establish your identity and carry that identity across different experiences in the metaverse; How to store the digital assets you own and take them wherever you go; And how you can pay easily and with the payment method you want, whether it is for a friend or for a purchase from a company or a content creator.
Kasriel also explained how Meta showcases Web3 technologies such as blockchain and NFTs. In one example, he wrote: “Imagine a world where artists or athletes can sell NFTs that fans buy to display in their Horizon Homes.” (Horizon Worlds is the metaverse social media platform.) “Or just imagine all of that when your favorite artist performs a concert in the metaverse and shares an NFT that you can buy for a backstage pass after the show..
“Apart from NFTs, there is a wealth of other Web3 tokens that we think are compelling – social tokens, community tokens, governance tokens – as well as real-world token origins,” he added. “There are a lot of opportunities here, and we are taking steps to better understand them and what they could mean for metaviruses.” Meta is already dipping its toes in water with NFTs — it announced this week that it will begin testing the ability to share NFTs on Instagram, and CEO Mark Zuckerberg said a “similar feature” is coming to Facebook soon.
Kasriel took over from David Marcus, who ran Messenger, then the defunct Meta crypto project, after leaving Meta late last year. Although Meta named this crypto project in January, based on Kasriel’s blog post on Thursday, it is clear that the company still sees plenty of other opportunities in payments and blockchain. By the way, Marcus is still involved in cryptocurrency; Thursday, announce His new venture, The Bright Spark, was created to “explore, build, and extend the potential and benefits of Bitcoin.”
Despite its sonic aspirations, Meta is underestimating its investment in the idea slightly. Reuters On Wednesday, it reported that the company was telling employees at its Reality Labs division to prepare for the cuts (although no layoffs were expected). But the company continues to push hard on virtual reality, as Zuckerberg showed off its upcoming high-end VR headset from the Meta in a short demo video earlier on Thursday, and it has big plans for augmented reality devices.