Facebook parent Meta is set to rebrand Facebook Pay as Meta Pay in a bid to bring it closer to the new corporate brand.
Facebook Pay was launched by Meta, then known as Facebook, in 2019. It enables users to send and receive money across its family of apps, including Facebook, Messenger, Instagram and WhatsApp.
This includes person to person (P2P), business to business(B2B) and business to consumer (B2C) payments.
It is said to be currently available in 55 currencies across 160 countries.
The rebrand follows the rebrand of the overarching company, which runs Facebook, Whatsapp, and Instagram among others, as Meta, in line with its ambitious metaverse goals.
Meta head of commerce and financial technologies Stephane Kasriel said in a blog post: “The experience that people see today is Facebook Pay, but we’ll be bringing that closer to the Meta brand soon by renaming it Meta Pay.”
“We’re focused on enhancing the payments experiences we already provide with Facebook Pay where we’re seeing good adoption. And with this, an emphasis on quality in the countries that we are already in, rather than expanding to new countries right now.”
Kasriel also said that Meta is seeking to further simplify the payments experience across its platforms to enable people and businesses to tap into “the benefits of interoperability in the metaverse”.
He further said: “We view this as a single wallet experience for people to use to represent who they are, what they own, and how they pay. We’re in the very early stages of scoping out what a single wallet experience might look like and will have more to say further down the line.”
According to Kasriel, Meta is also looking at ways to allow people to pay easily with the payment method of their choice.
Last month, a report by Financial Times said that Meta is considering a move into virtual currency through “Zuck Bucks”, seemingly named after its CEO Mark Zuckerberg.