This June 23, Mark Zuckerberg, CEO of Facebook, presented Meta Pay, the new wallet of the metaverse that will replace Facebook Pay, the payment system of Meta Platforms.
According to the company’s statement, Facebook Pay is a payment platform that was launched at the end of June 2020, to manage and make payments on the company’s various social networks such as Messenger, Instagram, WhatsApp and Facebook.
Meta Pay works as a tool that unifies payments on Messenger, Instagram, WhatsApp and Facebook, so that users do not need to close their apps when making transactions.
Meta Pay communicates directly with Stripe, Paypal and other payment processors
The most striking feature of Meta Pay is that it is built “on top of an existing financial infrastructure,” so they can communicate directly with other payment processors such as Stripe, Paypal, among others.
Stephane Kasriel, head of commerce and financial technologies at Facebook, indicated in an interview that Meta was focused on improving the payment experiences offered by the platform.
However, he added that the company will focus on improving the quality of services offered in the countries where the platform is already used rather than expanding into others.
Although Meta Pay is not available in all countries around the world for now, it is likely to become an everyday payment method in Meta’s various social networks.
Meta Pay will work just like Facebook Pay
According to Zuckerberg, Meta Pay will continue to work in the same way as Facebook Pay has done so far, so the company will probably only have to focus on promoting its adoption, something that won’t cost them much, considering the media power Facebook has.
“It will still be the same easy way to shop, send money and donate to causes users care about on Facebook, Instagram, WhatsApp, Messenger and anywhere else Facebook Pay can be used,” Zuckerberg said.
On the other hand, the Facebook CEO added that they are allocating their resources to the metaverse, since in the future “there will be all kinds of digital objects that you will want to create or buy” and for all of that Meta Pay will be available.
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