Meta Pay: what it is and how the digital wallet for the Metaverse would work

In the last hours the CEO of Meta, Mark Zuckerberg, has surprised with the presentation of Target Paywhich actually comes to replace FacebookPay, the Facebook payment system. All this as part of the campaign that the company has started to build the Metaverse.

According to Zuckerberg, despite the name change, “it will remain the same easy way to shop, send money, and donate to causes you care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else you can use Facebook Pay.”

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And what was Facebook Pay? First, it was an organized and unified option to manage payments in the company’s different applications. Under that name he has been active since 2009, in about 160 countries and with 55 types of currencies.

The option is still on the Facebook page, in the options slider bar. Entering, you can choose the payment method, either by credit card, debit card or Paypal, while Stripe is used for payment processing. Then, you can also manage your settings, check your payment history, and get advice via chat.

This is the Facebook Pay option, which is currently in operation. (Image: Facebook)

Now, as announced by Zuckerberg, the operation of Meta Pay should remain the same as Facebook Pay, although he also noted that “beyond the current features”, a “wallet for the metaverse that allows you to manage secure your identity, what you have and how you pay”. This would be the different feature in addition to the Web3 like technology.

First in the United States

To complement this announcement, Stephane Kasriel, head of Commerce and Financial Technologies of the company, has indicated on his Twitter account that Meta Pay will be implemented first in the United States and then will be followed by a global spread.

As Mark announced earlier this week, Facebook Pay is now Meta Pay, rolling out in the ???????? first and globally over time. Meta Pay is still the easy and secure way to shop, send money & donate to causes across our technologies. ???? [1/6] pic.twitter.com/ITrLxlazwl

— Stephane Kasriel (@skasriel) June 23, 2022

“Imagine if you could experience any corner of the metaverse by logging in just once, and all the digital items you’ve purchased are there with you. Imagine having a portable identity and a way to carry out transactions in digital environments”, said Kasriel to explain how Meta Pay works, within the Metaverse concept.

He also mentioned that the early stages of what this unique wallet will look like are being worked on. Another important detail is the Web3 technology, virtual reality and the construction of a portable identity, for the operation of Meta Pay. For the Meta executive, “this technology and interoperability” makes the Metaverse experience possible. He even mentioned that they are working on improving login and authentication in VR.

“Offering a wearable ID is about more than convenience. It is also a significant way to attract more people to the financial system. Today, 1.7 billion people around the world are unbanked and do not have access to basic financial services,” Kasriel also writes on his blog called Medium, where he has expanded on the importance of Meta Pay.

In his view, with Meta Pay more people could access essential financial services and participate in the global economy, which would become increasingly digital.

“A useful single wallet experience in the metaverse will also be where people manage their digital assets – everything they bought, gave away or received. All of that could be stored in your wallet to take you to different experiences and worlds,” he explained. Therefore, the background of the Metaverse also ends up being economic. The challenge now will be to adapt to this new look.

Source: Elcomercio