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Digital Wallet Meta Pay by Meta Launched to Facilitate Digital Payments in Metaverse | 2YODOINDIA

Digital Wallet Meta Pay by Meta Launched to Facilitate Digital Payments in Metaverse

Meta has launch its own wallet service as a universal payment mode that could be use in physical as well as the virtual world of the metaverse.

The name of this wallet service is Meta Pay, which is essentially an evolution of Facebook Pay.

Using Meta Pay will open accessibility to a wider array of digital goods that will bring their proofs of ownerships, the company claims.

As Mark Zuckerberg, the chief of Meta, reveale more details about Meta Pay in a Facebook post.

Mark Zuckerberg said in his post :

“Beyond the current features, we’re working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay,”

Mark Zuckerberg has said that, in the Web3 world, the proof of ownership will gain more importance in the coming days as creators will start working on digital clothing, art, and videos tailor for an immersive metaverse experience.

So, in the future, everything purchase in one part of the metaverse could be required to be available on another platform, with the same functions and traits.

This is what Meta is aiming at providing.

Mark Zuckerberg said :

“There’s a long way to get there, but this kind of interoperability will deliver much better experiences for people and larger opportunities for creators. That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators,”.

Stephane Kasriel, the head of commerce and financial technologies at Meta, share glimpses of Meta Pay’s interface on Twitter.

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Meta Pay has start rolling out in the US, and is slate for a global release gradually.

As part of its future plans, Meta is looking for ways to make logging-into digital wallets and other accounts more convenient in Virtual Reality (VR).

Kasriel noted in a Medium post :

“We are at a unique time and place where we have the resources to do this and the world is ready for it. By some estimates, this is a $3 trillion (approx. Rs. 2,36,27,850 crore) opportunity — that being the amount a fully realised metaverse could add to the global GDP,”.

The announcement of Meta’s one-stop-wallet for storing all digital assets and accessing them in different metaverses comes at a time with Zuckerberg is integrating more Web3 elements to the functioning of social networking apps under his control.

Meta said it will soon begin testing the display of non-fungible tokens (NFTs) on Instagram Stories using its augment reality platform name Spark AR.

The blockchain networks that are support for the feature include Ethereum and Polygon, with Flo and Solana launching soon.

Meta also recently join Microsoft and Nvidia among many others, to form the Metaverse Standards Forum.

The group intends to foster development of industry standards that would make the companies’ nascent digital worlds compatible with each other, supporting inter-operatibility.

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