Home Business ‘Facebook’ parent company Meta launches ‘Meta Pay’ digital wallet

‘Facebook’ parent company Meta launches ‘Meta Pay’ digital wallet

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Meta, the parent company of social media ‘Facebook’ and ‘Instagram’, has launched ‘Meta Pay’, a digital wallet for Metaverse.

The news of the launch of Meta’s ‘MetaPay’ was made public on June 22, through CEO Mark Zukerberg’s personal Facebook account. His explanation was that Facebook had changed the ‘Facebook Pay’, which was an independent payment method developed in 2020, to ‘MetaPay’.

CEO Mark Zuckerberg said, “The way ‘Facebook Pay’ was used on ‘Facebook’ and ‘Instagram’, such as shopping, transfer and donation, will remain the same in ‘MetaPay’. In addition to the functions of , we are researching new wallets for Metaverse that can safely manage users’ identity, proof of ownership, and payment methods.”

He added that in the future, in addition to simple payment, proof of ownership of digital clothing, art, video, music, virtual events, etc. through digital wallets will be required.

‘Metapay’ is a trademark that Meta applied for an application to the United States Patent and Trademark Office (USPTO) on May 13 (local time). At that time, Meta applied for trademark applications related to five digital payment platforms, and specified ‘Meta Pay’ as an online social networking service for investors that allows financial transactions, digital currency, virtual assets, and virtual currency token transactions.

The Financial Times, a British daily business magazine, reported on April 7 (local time) that Meta is preparing to introduce Zuck Bucks, its own token in the company’s application.
“Zuck Bucks,” a digital currency that can be used within the Metaverse ecosystem, were identified as not blockchain-based cryptocurrencies. The Financial Times predicted at the time that ‘Zucker Bugs’ would be carried out in all directions, including Facebook, Instagram, WhatsApp, and Metaquest.

Meanwhile, Meta applied for a trademark application related to blockchain and metaverse to the US Patent and Trademark Office in March. Meta’s trademark application contained details of compliance monitoring in token application fields such as virtual currency and financial transaction service processing such as block chain assets.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.