Facebook to Launch Meta Pay, a Metaverse Wallet

Facebook, whose subsidiary Novi has a VASP crypto exchange license in the Philippines, is launching Meta Pay.

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Facebook announced its first step of launching its digital wallet “for the metaverse” by changing Facebook Pay to Meta Pay.

On a Facebook Post by its Chief Executive Officer (CEO), Mark Zuckerberg clarified that the same features on Facebook Pay like shopping, sending money, and donating to causes on different sites will be retained, but something new will be added:

“Today we’re taking the first step by changing Facebook Pay to become Meta Pay. But beyond the current features, we’re working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay.”

According to the social media giant, Meta Pay will soon deliver better experiences for people and larger opportunities for creators in the metaverse.

“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,” the announcement read.

Moreover, Zuckerberg also stressed that Facebook users should experience metaverse, and that all digital items bought by a user should be right there.

“That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators. The more easily you can transact, the bigger the opportunity for creators should get as well. We’re looking forward to building this out,” the CEO concluded.

Zuckerberg’s announcement received different reactions from the community:

  • “I believe, if your announcement was linked with a demo video (URL), that will prove more appropriate for many to understand your new ventures.” – Javaid Rahi, Tribal Researcher
  • “I hope our wallet will be safe from hackers. And what are your policies about that? Plus, please make Pakistan and other regions be part of your monetization policy. More power to you Meta generation.” – Mohsin Jafar, Facebook user.
  • “It’s a good tool to organize payments in education businesses. Thanks to that breakthrough!” – Vladimir Spivakovsky, Education Corporation “Grand” President
  • “The Facebook reels bonus program has been an amazing resource for me and Smile Squad to support our videos. So, it’s great that more creators will be able to tap into these bonuses soon!” – Roman Aamir, Content Creator
  • “Let’s hope it won’t be Libra only but BTC and the rest.” – Sam-G, Digital Creator

Last April, Facebook’s parent company, Meta, revealed its plan to release virtual coins, tokens, and lending services on its apps as it assembles preliminary plans for the possible launch.

It also launched its own crypto named Libra, with a permissioned blockchain-based stablecoin payment system known as Diem.

Before 2021 ended, Novi, a digital wallet under Facebook’s parent company Meta, secured a Virtual Asset Service Providers (VASP) license from the Bangko Sentral ng Pilipinas (BSP).

It is also currently looking for the following positions:

  • Media Partnerships Lead, Indonesia & Greater China Region
  • Client Solutions Manager, eCommerce & Retail
  • Client Solutions Manager, Philippines
  • Facilities Manager – Manila
  • Public Policy Associate Manager, Philippines

This article is published on BitPinas: Facebook to Launch Meta Pay, a Metaverse Wallet

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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