Meta has announced that it will rename its digital payments platform Facebook Pay as Meta Pay. In a blog post, Meta’s head of fintech, Stephane Kasriel said the company is focused on enhancing the payments experiences it already provide with Facebook Pay in regions where it is seeing good adoption.
The social media giant is also exploring how it can further simplify the payments experience across its platforms to make payments easier to access and process in the metaverse. Kasriel said that Meta is “in the very early stages of scoping out what a single wallet experience might look like.”
People and businesses use Meta platforms to make payments in 160 countries and 55 currencies, including person to person, business to business, and business to consumer payments.
Kasriel also noted that metaverse has the potential to unlock even more commerce opportunities and make entirely new businesses possible.
“For creators, we’re continuing our investments to help them monetise through new products and features that streamline payouts. You can expect to see more from us in these areas throughout the year,” said the company.
Kasriel said Meta is bullish about Web3, both the technologies and principles it encompasses.
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“There’s good reason to believe that blockchain will be fundamental to people’s interactions in the metaverse, which is why we’re expanding our efforts to support greater Web3 compatibility,” said the company.
