In this article, we are going to be covering what is Meta Pay, as well as its features and changes compared to the previous Facebook Pay.
What is Meta Pay?
Mark Zuckerberg’s corporate empire Meta recently announced that the payment software Facebook Pay would be renamed Meta Pay, following the rebranding of Facebook. The new payment system will work similarly to Facebook Pay, so anyone who has already set up Facebook Pay will not need to do anything new to begin using the renamed version. The name change is beginning in the United States and will be implemented internationally over the coming few months.
If you have previously configured Facebook Pay, there is no new or extra activity necessary to begin utilizing the new version. All of your previous Facebook Pay information, including account credentials, payment method, and other settings, will remain in the new payment app. Anyone new to Meta’s payment system may get started by heading to Payments settings and providing your payment method and account details. It accepts most major credit and debit cards, as well as PayPal and Shop Pay.
Mark Zuckerberg aiming for more ‘Interoperability’
Mark Zuckerberg announced the rebranded payment app on Facebook, writing:
“Today we’re taking the first step by changing Facebook Pay to become Meta Pay. It’ll stay the same easy way to shop, send money, and donate to causes you care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else you could use Facebook 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.
“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. There’s a long way to get there, but this kind of interoperability will deliver much better experiences for people and larger opportunities for creators. 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.”
Also, Stephane Kasriel, Head of Commerce and FinTech at Meta said that:
Meta Pay will be the same easy, secure way for you to shop, send money and donate to causes you care about across our technologies, including Facebook, Messenger, Instagram and WhatsApp, as well as anywhere you previously would’ve seen the Facebook Pay button while shopping online. Meta Pay’s features and overall user experience people know from Facebook Pay will remain the same. This change is first rolling out in the US and will roll out globally over time.
Meta Pay security and protection
According to Meta, they have been providing reliable payment services since 2009 and currently allow consumers and businesses in over 160 countries to make payments in 55 different currencies. They underline that they will continue to invest in security, with Meta Pay storing payment card numbers securely using the same encryption as Facebook Pay. On the new system, there is additional anti-fraud monitoring, which identifies unlawful activity and alerts the account holder when it occurs.
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