#ICYMI: Facebook Pay now rebranded As Meta Pay, wants to be the digital wallet for Metaverse!

In a Facebook post, Mark Zuckerberg announced that Meta is rebranding Facebook Pay to Meta Pay.

File photo: Mark Zuckerberg of Meta

A new "wallet for the metaverse"

The CEO said that this change was just a "first step" toward Meta creating a digital wallet for its vision of the metaverse. He clarifies that Meta Pay basically functions like Facebook Pay, for now.  Users can still shop, send money, and donate to causes they care about on Facebook, Instagram, WhatsApp, Messenger, and others.

However, Zuckerberg says he envisions a future where Meta Pay will function as a universal wallet for all the digital items you buy or create in the metaverse. He defined this new concept as "a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay."

As further in Meta CEO's post,

In the future, there will be all sorts of digital items you might want to create or buy -- digital clothing, 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 across different services. Ideally, you should be able to sign into any metaverse experience and everything you've bought should be right there.

One of the digital items that Zuckerberg mentioned is digital clothing. A few days ago, Meta revealed that it is rolling out a digital designer clothing store called the "Meta Avatars Store". 

The CEO made the announcement during an Instagram Live with Instagram's VP for Fashion Partnerships Eva Chen. He envisions the new fashion clothing options as a way for users to express themselves via their avatars.

At the end of this big reveal and rebranding, Mark Zuckerburg acknowledges that the kind of interoperability he's explaining is a long way ahead. On one hand, he claims that it would "deliver much better experiences for people and larger opportunities for creators."

Sources: Engadget, TechCrunch