The company is in the very early stages of planning for a single wallet experience.
After changing its name, Meta began renaming its products: the Oculus Quest and Facebook Portal devices, for example, are now known as the Meta Quest and Meta Portal, respectively. It’s only natural for the company to consider the future of its payments experience as it expands into the metaverse, which includes a name change. In a longer post about the metaverse, Stephane Kasriel, Meta’s head of fintech services, revealed that the company will soon rename Facebook Pay to Meta Pay.
- Meta foresees a VR fitness revolution and plans to make its next headsets “sweat-proof.”
- According to a leaked document, Facebook has limited knowledge of how user data is managed.
Kasriel said that Meta is “in the very early stages of scoping out what a single wallet experience might look like.” While it has no concrete plans yet, Meta is looking into how you can prove who you are and how you can carry that identity into different metaverse experiences. The company is also examining how you can store and bring your digital goods wherever you go in the metaverse and how you can pay friends and businesses easily with your chosen payment method.
Kasriel oversees the company’s financial division, which includes the Novi crypto wallet. Former Facebook exec David Marcus spent years trying to get Novi off the ground, but the wallet launched without support for the Diem cryptocurrency that he co-founded. In the end, Marcus stepped down in 2021 and Kasriel renamed the division as Meta Financial Technologies when he took over.
Facebook’s name change signified a new era for the company that’s now pinning its future on virtual reality and the metaverse. It hasn’t been smooth sailing for the internet giant, though. In 2021, Meta’s Reality Labs division that serves as home to its hardware and metaverse initiatives lost $10 billion and will hire fewer employees this year as a result. More recently, Reuters reported that the division will be axing some of its projects and postponing others, because it could no longer afford some of the initiatives it originally planned.
