Meta Launches Meta Pay, digital wallet for the Metaverse

28-Jun-2022 By: Shikha Jha

Meta Launches Meta Pay, a dedicated digital wallet for the Metaverse

Meta, the metaverse-based platform, has announced the creation of a new wallet designed to allow value exchange in the metaverse. Meta Pay, a rebranded version of the previous Facebook Pay service, will continue to serve the same purposes that Facebook Pay did in the past, but it will be expanded to serve as a common method of making purchases using digital identities in the metaverse.

The CEO of Meta (formerly Facebook), Mark Zuckerberg, claims that Meta Pay would address two problems in the metaverse: proof of ownership and accessibility to digital commodities.

According to Zuckerberg, anything bought in one area of the metaverse should ideally be accessible on another platform with identical features. One of the objectives of Meta Pay is to create a kind of Web3 identification that connects purchases of digital goods to a single digital identity.

In addition, Zuckerberg contends that a common payment system for the whole metaverse would present opportunities for content producers since more people will be able to buy their work. But only a certain amount of uniformity will allow for this to happen.

The company most recently collaborated with Microsoft and other businesses, including Epic Games, to develop an open standards group for "everything metaverse," working to create consensus points to make metaverses more compatible in the future.

WHAT'S YOUR OPINION?