Meta continues its brand’s Meta-fication by renaming Facebook Pay (its payment system available on Facebook, Messenger, Instagram and WhatsApp) to Meta Pay. Meta’s head of business and financial technology, Stephane Kasriel, said in a blog post that the change will happen “very soon,” the latest sign of the company’s former name as Facebook.
“We’re focused on enhancing the payment experience we already offer through Facebook Pay, and we’re seeing good adoption rates,” Kasriel wrote. “With this, we’re already emphasizing quality, rather than expanding to new countries now.” According to Post by Kasriel, Business people in 160 countries use Meta’s platform for payments.
Meta is also looking into ways to simplify the payment experience on its platform. While Kasriel paints a broad picture, he doesn’t share too many details:
We see it as a single wallet experience for people to use to represent who they are, what they own and how they pay. We’re in the early stages of determining what a single wallet experience might look like, and there’s more to be said in the future. But to shatter our earlier thinking, we’re looking at: how to prove who you are and bring that identity to different experiences in the metaverse; how to store the digital goods you own and carry them with you; and how to use what you want PAYMENT METHODS Pay with ease, whether it’s to a friend or to buy from a business or creator.
Kasriel also discussed how Meta considers Web3 technologies such as blockchain and NFTs. “Imagine a world where entertainers or athletes could sell fan-purchased NFTs to display in their virtual Horizon Homes,” he wrote in one example. (Horizon Worlds is Meta’s social Metaverse platform. )” or imagine when your favorite artist plays a concert in the Metaverse and shares an NFT that you can buy to get a backstage pass after the show.
“In addition to NFTs, there are many other Web3 tokens that we think are compelling — social tokens, community tokens, governance tokens — as well as tokenized real-world assets,” he added. “There’s a lot of opportunity here, and we’re taking steps to better understand them and what they mean for the metaverse.” Meta is already getting into NFTs — it announced this week that it will begin testing the ability to share NFTs on Instagram, CEO Mark Zuckerberg said a “similar feature” could soon appear on Facebook.
Kasriel succeeded David Marcus after leaving Meta late last year, who oversaw Messenger and Meta’s stagnant cryptocurrency projects. While Meta said in January that it had pulled out of the cryptocurrency project, it’s clear the company still sees many other opportunities in payments and blockchain, according to a blog post by Kasriel on Thursday. By the way, Marcus is still involved in cryptocurrencies; Thursday, he announced His latest company, Lightspark, aims to “explore, build, and extend Bitcoin’s capabilities and utility.”
Despite the Metaverse’s ambitions, Meta is slightly reducing its investment in the idea. Reuters The company was telling employees in its Reality Labs division to prepare for layoffs (though there are no layoffs planned), it was reported Wednesday. But the company is still making a big push into virtual reality, with Zuckerberg showing off Meta’s upcoming high-end virtual reality headset in a brief demo video earlier Thursday and laying out big plans for augmented reality hardware.