Meta releases Meta Pay, a dedicated digital wallet for the Metaverse.

June 27, 2022

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Meta releases Meta Pay, a dedicated digital wallet for the Metaverse.

The launch of a new wallet intended to enable value exchange in the metaverse has been announced by the metaverse platform known as Meta. The functions of Meta Pay, a renamed version of the prior Facebook Pay service, will remain the same, but it will be expanded to act as a standard way of making purchases utilising digital identities in the metaverse. Meta is seeking to address the problem of transaction and value transfers in the metaverse. The company announced the introduction of a new digital wallet that will enable user economies in a later iteration of Meta’s metaverse. The wallet will be a development of what is presently known as Facebook and is known by the codename Meta Pay.

Mark Zuckerberg, CEO of Meta (formerly Facebook), claimed that MetaPay would solve the problems of verifying ownership and access to digital goods on Metaverse. According to Zuckerberg, ideally, what you buy in one area of ​​the metaverse should be usable on another platform with the same functionality. One of the goals of Meta Pay is to create a kind of Web3 ID that connects digital goods purchases to a single digital ID.

A uniform payment system for the whole metaverse, according to Zuckerberg, will also present opportunities for content producers since it will make it easier for more people to buy their creations. But only a certain amount of uniformity will enable this. The business has formed an open standards group for everything metaverse in collaboration with Microsoft and other businesses like Epic Games, with the goal of building common ground that would eventually make metaverses more compatible.

Read more: Russia will test out digital ruble payments for real estate transactions.

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