According to Stephane Kasriel, head of fintech at Meta, Facebook Pay will shortly be rebranded as Meta Pay. Instead than concentrating on expanding to new countries, the business is focused on improving the payment experiences it already offers with Facebook Pay in locations where it’s experiencing excellent acceptance. To make payments in the metaverse simpler to access and process, Meta is also looking into ways to further streamline the payment experience across all of its platforms. According to Kasriel, Meta is still “very early stages” into thinking about what a single wallet experience may entail.
According to his explanation, Meta involves examining how you establish your identity and carry it with you throughout various metaverse situations. The business is also thinking about how you may store your digital assets and transport them wherever you go. The firm is also working at ways to make it simple and easy for you to pay, whether you’re paying a buddy or making a purchase from a store or artist. Future updates on this are planned by the firm.
In order to promote financial inclusion and economic development, Kasriel says that “our road ahead is founded in our aim to enable everyone, everywhere to access the world’s financial system.” Before the metaverse even becomes widely used, “designing goods and infrastructure with the metaverse in mind today can assist allow innovation that gives greater access and actual cost reductions? The moment has come to create the foundation for the future. The possibilities of the metaverse and where it may lead fintech next will be endless once that foundation is established.
Facebook claims consumers use its platforms to make payments in 160 countries and 55 currencies, including person-to-person, business-to-business, and business-to-consumer transactions, since it entered the payments market in 2009. In order to better reflect the company’s primary goal of creating the metaverse, Facebook updated its corporate identity to Meta in October. Since then, Meta has been rebranding its goods to adhere to the updated company identity. For instance, Facebook Portal is now Meta Portal and Oculus Quest is now Meta Quest. Given that Meta is preparing for the metaverse, it seems reasonable for Meta to implement the update for its payments experience as well.