Facebook Pay To Become Meta Pay In Metaverse Era

Meta, formerly Facebook, has announced it would soon rename its digital payments platform Facebook Pay as Meta Pay.

Metaverse has the potential to unlock even more commerce opportunities, says Meta. Image: Getty

New Delhi: Meta, formerly Facebook, has announced it would soon rename its digital payments platform Facebook Pay as Meta Pay, as the metaverse space heats up. The company said that metaverse has the potential to unlock even more commerce opportunities and make entirely new businesses possible.

"The experience that people see today is Facebook Pay, but we'll be bringing that closer to the Meta brand soon by renaming it Meta Pay," the company said in a statement late on Thursday.

People and businesses use Meta platforms to make payments in 160 countries and 55 currencies. The social networking giant also said it is investing further in messaging commerce and streamlining the overall checkout experience for their customers.

"For creators, we're continuing our investments to help them monetise through new products and features that streamline payouts. You can expect to see more from us in these areas throughout the year," said the company.

Meta said it is very optimistic about Web3, both the technologies and principles it encompasses. "There's good reason to believe that blockchain will be fundamental to people's interactions in the metaverse, which is why we're expanding our efforts to support greater Web3 compatibility," said the company.

Creators are already looking to new types of digital assets to give them more control over their work, their relationship with their fans, and an ability to monetise both. Meta recently announced its first NFT offering -- a test of digital collectibles on Instagram. "We're excited to bring the test to Facebook soon," it added.

Meanwhile, amid concerns such as inflation and slowing growth, Meta Platforms is looking to freeze hirings for the year as it aims to scale back costs, a report said earlier this month. The company has also said that it will reduce hiring targets for the year. Earlier last week, Facebook, in its earnings call, had posted its slowest revenue growth since it went public.