Facebook Pay will soon become Meta Pay

Meta started renaming its products after the company changed its name: For example, the Oculus Quest and Facebook Portal devices are now know like Meta Quest and Meta Portal. It’s only natural that the company is planning for the future of the checkout experience as it continues to expand into the metaverse, and that includes a name change for it. Stephane Kasriel, Meta’s head of fintech services, revealed in a longer post about the company about to rename Facebook Pay to Meta Pay.

Kasriel said that Meta is “in the early stages of figuring out what a single wallet experience might look like.” While there are no concrete plans yet, Meta is looking at how you can prove who you are and how you can bring that identity into different metaverse experiences. The company is also examining how you can store and take your digital goods anywhere in the metaverse, and how you can pay friends and businesses easily using your chosen payment method.

Kasriel oversees the company’s finance department, which includes Novi . crypto wallet. Former Facebook CEO David Marcus spent years trying to make Novi a success, but the wallet launched without supporting the Diem cryptocurrency he co-founded. Finally, Marcus step down in 2021 and Kasriel renamed the division to Meta Financial Technologies when he took over.

Facebook’s name change marked a new era for the company that is now shaping its future in virtual reality and supermarkets. However, things did not go well for the internet giant. In 2021, Meta’s Reality Labs division, which serves as the home of its hardware initiatives and metaverse, has lost $10 billion and will hire less staff this year as a result. . More recently, Reuters report that the division would adjust some of its projects and delay others, because it could no longer afford some of the initiatives it had originally planned.