Meta Pay is part of a ‘wallet for the metaverse’

Meta is introducing a digital wallet for use in the metaverse, as part of its Meta Pay service (formerly Facebook Pay).

Meta CEO Mark Zuckerberg announced the news in a post shared on his Facebook account. Zuckerberg wrote that the company’s existing service, Facebook Pay, is now Meta Pay — in line with brand changes happening throughout the year. Zuckerberg also hinted that Meta Pay will soon include “a wallet for the metaverse” that allows you to securely manage your identity, what you own and how you pay.”

He said you can buy digital items with this – “digital clothing, art, videos, music, experiences, virtual events” – with some form of proof of ownership. Zuckerberg said this would be important for using those items in various services:

Ideally, you should be able to log in to any metaverse experience and everything you bought should be there. There’s still a long way to go, but this kind of interoperability will deliver much better experiences for people and greater opportunities for creators.

Zuckerberg’s comments about long-term “interoperability” are intriguing and could refer to functionality that works for a wider range of products from different companies, not just Meta. Just a few days ago, plans were announced for a new metaverse standards forum, with the participation of Microsoft, Meta, Adobe, Epic Games, Unity, NVIDIA and many more. This announcement is the latest in a series of updates from Meta and Zuckerberg over the past few weeks. Earlier this week, Meta announced a digital storefront for avatar apparel, coming to VR soon. The company also gave an inside look at new research developments for VR display technology, including retinal resolution and HDR prototype headsets.

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