Meta (formerly Facebook) is "soon" to rebrand its Facebook Pay payment service to Meta Pay. The change is the latest sign that the company is betting big on a phenomenon called the metaverse.
“We're focused on improving the payment experience we already provide with Facebook Pay. We want to emphasize quality in the countries we already operate in, rather than expanding into new countries,” Meta's head of commercial and financial technology, Stephane Kasriel, said in a blog post. According to him, today people and businesses in 160 countries of the world use the company's platforms for payment.
In his post, Kasriel also "tapped" how Meta thinks about technologies like blockchain and NFT (Non-Fungible Token; non-fungible token). "Imagine a world where entertainers or athletes can sell irreplaceable tokens that fans buy to display in their virtual Horizon homes," gave one example (Horizon Worlds is the company's metaverse social platform). "Or imagine all of this coming together when your favorite artist plays a concert in the metaverse and shares an NFT that you can buy to get a backstage pass after the show," described another example.
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Despite its big "metaverse" ambitions, the company is reducing investments in this area. According to Reuters, she recently told her staff at the Reality Labs division to prepare for cuts. However, this does not change the fact that he sees the future in the metaverse and that he will create future products around it (and integrate existing ones into it).
