Facebook Pay is now Meta Pay

Facebook Pay is now Meta Pay – The Metaverse’s own digital wallet

The Internet has progressed a lot over the years. The new storm added to the internet world is the term Metaverse, virtual reality that will help you form social connections virtually on the Internet.

Metaverse is a virtual 3D world which aims for social interactions using virtual reality (VR) and augments reality (AR). Metaverse will change various sectors in future.

One such is Virtual Reality based wearables. Just imagine, without going to a crowded place or in polluted air, you can interact with people through a virtual world sitting at your home comfortably.

Metaverse will help children to learn any subject of their choice at their speed and expand their knowledge. In other words, possibilities with Metaverse are unlimited.

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With the virtual world, the future Metaverse in the next 5-10 years will be similar to our real world in many situations and have capabilities to replace many real-world activities. Metaverse is mostly used for gaming as of now, but in future, it will be used for work, social gatherings, and hanging out.

Metaverse Scenarios:

Low Orbit – The user interface works well for some users but is not applicable daily. Limited to some virtual conferences, augmented training or learning. Regulation variation across nations and regions. Customers are adopting high in gaming and entertainment.
Double star – There is not a single metaverse, but it can be as many players compete for a dynamic marketplace. Lack of information can lead users to commit to the home platform.
Big Bang – Metaverse can become a dominant interface through which users can do most of their daily activities. There will be no single provider. Strong governance with strict rules around the digital world.

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After 17 years, Mark Zuckerberg, Facebook CEO, changed the company name ‘Facebook’ to Meta. He called this change of name his first step into the virtual world. Facebook Pay will soon become Meta Pay. The vision is to make Meta Pay – a digital wallet for the metaverse.

Meta Pay, in other words, will be like a universal wallet for all the digital things you buy in the virtual world or metaverse. Facebook Pay allows the users of Facebook, Instagram, Messenger and WhatsApp to pay or receive money across them.

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It includes person-to-person, business-to-person and business-to-business payments. It is currently operating in 160 countries and 55 currencies.

Stephane Kasriel (Meta head of commerce and financial technologies) says, “Today what people experience is Facebook Pay, but soon we will bring it close to Meta by renaming it Meta Pay.” Kasriel says that Meta is working on how to pay for the experience and make it easier to access in the metaverse.

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Meta Pay will allow people to store digital goods and pay easily with their choice of payment method. Meta Pay is a step to bring more people into the financial system. Some people still don’t have any form of ID, and Meta is looking to solve this by encouraging users to support themselves or help start their businesses.

Meta pay will help businesses to serve their audience in a better way. Meta has also taken a step into a retail store to give customers a closer look at metaverse. In-store products include Quest VR Headset, portal devices and Ray-Ban stories. They plan to open more such stores in other locations as well.

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Meta’s first retail store is located in Burlingame, California. Meta wants to see how customers interact with the products in this store before opening more retail stores in other locations.

Facebook CEO Mark Zuckerberg announces that Facebook (new name Meta) will focus on Metaverse. The mission will be the same to connect and bring people together.

He also announced a $50 million fund for research in Metaverse to ensure products are responsibly developed.

He says that Meta is moving beyond 2D screens towards experiences with virtual and augmented reality to help build the new evolution in social technology.

Conclusion

The 21st century might be known for the virtual world or Metaverse. It is considered more attractive and immersive than the internet has done. Meta (Formerly Facebook) has taken a step into virtual reality and digital wallet with the name Meta Pay.

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