Zuckerberg unveils plans to launch digital wallet for metaverse transactions

REBRAND: Facebook Pay is now Meta Pay in the first step towards introducing a metaverse digital wallet

Meta is planning to develop a digital wallet that will enable consumers to purchase digital items such as digital clothing and music, confirm proof of ownership and manage their identity when accessing future metaverse services, CEO Mark Zuckerberg has revealed in a Facebook post.

The company — which changed its name from Facebook to Meta in 2021 — is also rebranding its payment service Facebook Pay as Meta Pay as “the first step” towards introducing “a digital wallet for the metaverse”.

“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,” Zuckerberg says.

“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.

“There’s a long way to get there, but this kind of interoperability will deliver much better experiences for people and larger opportunities for creators.

“That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators. The more easily you can transact, the bigger the opportunity for creators should get as well. We’re looking forward to building this out.”

The rebranded Meta Pay service will be “the same easy, secure way for you to shop, send money and donate to causes you care about across our technologies, including Facebook, Messenger, Instagram and WhatsApp, as well as anywhere you previously would’ve seen the Facebook Pay button while shopping online,” the company explains.

Current Facebook Pay users will be able to start using Meta Pay without needing to take any action as their account details, payment method and settings will remain the same.

“This change is first rolling out in the US and will roll out globally over time,” the company adds.

Facebook Pay launched on Facebook and Messenger in November 2019.

Zuckerberg unveils plans to launch digital wallet for metaverse transactions was written by Tom Phillips and published by NFCW.