Meta Platforms Inc. (NASDAQ: META) CEO Mark Zuckerberg has revealed that they are renaming Facebook Pay as Meta Pay. As a result, Facebook, WhatsApp, Messenger, and Instagram will continue to offer the same product offerings and general user interface that Facebook Pay already does. The modification is currently being implemented in the US before eventually becoming global.

Meta to develop a digital wallet for the metaverse 

According to Zuckerberg, rebranding is Meta’s first move toward developing an electronic wallet for the metaverse, even though the product will stay the same. According to him, a virtual wallet in the metaverse would enable individuals to securely maintain their identities, possessions, and payment methods.

Zuckerberg indicated in a Facebook post, “In the future there will be all sorts of digital items you might want to create or buy — digital clothing, art, videos, music, experiences, virtual events and more. 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.”

Although this ambition won’t materialize any time soon, according to Zuckerberg, this level of interconnectivity will result in better user experiences and more opportunities for artists. Zuckerberg added that consumers would appreciate digital items more if they could utilize them in various places, which would expand the market for developers. He added that the ease with which customers can transact would increase the options available to artists.

Virtual wallet to enable users to enjoy metaverse offerings

The Facebook founder’s comments come weeks after Meta Platform’s fintech head Stephanie Kasrie stated that Meta is in the preliminary stages of considering the single digital wallet experience. He explained that regarding early thinking, the company is looking at how someone can prove their identity and care to carry that to various metaverse experiences. 

In a blog post, Kasrie said, “The aim of Meta is to enable everyone, anywhere, to use the global financial system to promote financial inclusivity and economic independence.”