Meta continues the metafication of its brands by renaming Facebook Pay, its payment system available on Facebook, Messenger, Instagram and WhatsApp, in Meta Pay. The change is expected to happen “soon”, according to a blog post by Stephane Kasriel, head of business and finance technology at Meta, and is the latest indication that the company formerly known as Facebook is completely in the metaverse.
“We are focused on improving the payment experiences we already offer with Facebook Pay, where we are seeing a good adoption,” Kasriel wrote. “And thus a focus on quality in the countries we are already in, rather than expanding to new countries right now.” According to Kasriel’s post, people working in companies in 160 countries use Meta’s platforms to make payments.
Meta also seeks to simplify the payment experience on its platforms. Although Kasriel painted a general picture, he did not go into detail:
We see this as a unique wallet experience that people can use to represent who they are, what they own, and how they pay. We are in the very early stages of defining what a unique wallet experience might look like, and we will have more to say later. But to break down our initial thoughts, we look at: how to prove who you are and carry that identity across different experiences in the metaverse; how to store the digital assets you own and take them with you wherever you go; and how to pay easily and with the payment method you want, whether it’s for a friend or purchase from a company or creator.
Kasriel also explained how Meta views Web3 technologies such as blockchain and NFTs. “Imagine a world where artists or athletes can sell NFTs that fans buy to show in their virtual Horizon Homes,” he wrote in an example. (Horizon Worlds is Meta’s social metaverse platform.) “Or imagine it all coming together when your favorite artist performs a metaverse concert and shares an NFT that you can purchase to get a backstage pass after the show. .
“In addition to NFTs, there are a host of other Web3 tokens that we find compelling – social tokens, community tokens, governance tokens – as well as real-world tokenized assets,” he added. “There are many opportunities here and we are taking steps to better understand them and what they can mean for the meta-verse.” Meta is already dipping its toes into the water with NFTs – it announced this week that it would 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 runs Messenger, when Metas stopped the cryptocurrency project, after leaving Meta last year. While Meta called it quits this cryptocurrency project in January, based on Kasriel’s blog post on Thursday, it’s clear that the company still sees plenty of other options in payments and blockchain. Marcus, by the way, is still involved in cryptocurrency; Thursday, he announced his new venture, The Bright Spark, which was created to “explore, build and expand Bitcoin’s capabilities and usability.”
Despite her metaverse vocal ambitions, Meta is cutting back a bit on her investment in the idea. Reuters reported Wednesday that the company told Reality Labs employees to prepare for the cuts (though no layoffs are expected). But the company continues to push hard on virtual reality, with Zuckerberg showing Meta’s next high-end virtual reality headset in a short demo video earlier Thursday and having big plans for augmented reality hardware.