Mark Zuckerberg presents his vision of payment in the metaverse

Deep into the metaverse, Mark Zuckerberg has renamed his company Meta to reflect this new focus. And little by little, the Meta brand also appears on certain products and services of the group. For example, after the company name change, the Oculus Quest 2 virtual reality headsets became the Meta Quest 2.

Also as part of this rebranding, the group’s payment system, Facebook Pay, becomes Meta Pay. The news was announced in a post on Mark Zuckerberg’s profile.

At the moment, the payment system works exactly the same way. “It will remain the same easy way to shop, send money and donate to causes you care about on Facebook, Instagram, WhatsApp, Messenger and everywhere else you used to use Facebook Pay”assures the CEO of Meta.

Meta Pay: new features for the metaverse will land

Nevertheless, to these existing functionalities, Meta will, later, add new functionalities in order to make Meta Pay a digital wallet for the metaverse. And in addition to payment, this wallet will also allow the user to manage their identity in the metaverse.

“Going forward, there will be all kinds of digital items you might want to create or buy – digital apparel, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you to different departments.”also explains Mark Zuckerberg.

It also evokes interoperability. In essence, for the CEO, you should be able to log into any metaverse-like experience and be able to enjoy virtual items you’ve purchased on it. ” […] the more easily you can use your digital assets, the more you will value them, which creates a bigger market for creators”we read in the publication.

In essence, the metaverse wallet developed by Meta would therefore not be content with payment. And the group would like this to be supported by other metaverses, not just the one it’s developing.

The service could then become the equivalent of Apple Wallet, Google Wallet or Samsung Wallet apps in these virtual universes.

In the meantime, Meta is full of new things for creators

Lately, creators have been at the heart of Meta’s strategy. And this week, the group has also made a series of announcements to allow them to generate more income through their activities.

Meta has extended the availability of the “stars” feature which allows video creators to be paid by their fans. The group is also extending the availability of its reward system for creators who post on its Reels format (inspired by TikTok). And soon, Meta will test a marketplace where creators can easily find paid partnerships with brands.

And when it comes to NFTs, Meta has also announced an expansion of its testing.

“We are expanding our digital collectibles test on Instagram to more international creators and a handful of additional countries. Creators and collectors will be able to share their digital collectibles on Facebook and Instagram once we begin rolling out the feature to Facebook with select US creators at a later date. We will also soon start testing NFTs in Instagram Stories with SparkAR”announced Meta.

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