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Meta’s CEO Mark Zuckerberg announced on Wednesday that Facebook Pay has officially become Meta Pay, in a “first step” towards becoming a digital wallet for the metaverse.

Meta Pay- Meta’s Digital Wallet for the Metaverse

In a post, Zuckerberg stated that the company is working on something that will let users manage their identities, items, and payment methods while making their way through the metaverse.

“We’re working on something new: a wallet for the metaverse that allows you securely manage your identity, what you own, and how you pay,”

He also said that he envisions a future where Meta Pay will function as a universal wallet for all the digital items you buy or create in the metaverse.

“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.”

Rebranding to Meta’s Vision

While Meta Pay will continue to perform everything that Facebook Pay does, including transferring money to users on Facebook, Instagram, and WhatsApp as well as paying for purchases and donating to charitable causes, the change has come only with respect to Meta branding. Zuckerberg also admitted that the kind of interoperability he was describing was a long way off but claimed that it would deliver much better experiences for people and larger opportunities for creators.

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