As part of its ongoing push to transform the digital landscape, Meta announced that Facebook Pay would be rebranded to Meta Pay. The platform would become the digital platform for the metaverse where digital avatars would be able to purchase digital items and proof of ownership will be provided to users, according to Mark Zuckerberg, the CEO of Meta.

Meta Pay won’t be changing anything, according to Zuckerberg, and would continue to offer the same services that Facebook Pay offered, that included sending money via Facebook, Instagram and WhatsApp to friends. 

The rebranding is in line with the Zuck’s dream of a digital universe which users can freely navigate and interact with each other. “We’re working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay,” the Meta CEO wrote on a Facebook post.

Zuckerberg believes that in order for the digital wallet ecosystem on the metaverse to flourish, there is a requirement for interoperability, which should come as no shock considering the recent formation of the Metaverse Standards Forum.

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The opening up of a digital wallet in the metaverse should increase the availability of goods and services within the digital space, which in turn can hike the value of the wallet in the market. Having a closed wallet experience restricts users and can lead to users being pushed towards getting products they never wanted in the first place. 

A couple of days ago, the tech billionaire previewed virtual reality headsets that should be available to consumers and developers within the year or by next year. These headsets might be the same headsets code-named “Cambria” that tech circles in the Valley have been talking about. Zuckerberg has been pushing hard for the overhaul of Facebook’s properties into Meta as he looks to complete the transformation into a metaverse company. 

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Zuckerberg has kept himself busy in the past few weeks. A few days back, he demoed multiple VR headsets that will be made available for consumers as well as developers, as the company looks to completely dive into its promise of the metaverse. But that’s not all, Meta is also part of the metaverse standards body, which includes Microsoft, but Apple has decided to bide its time in the digital business for now.