Meta is officially changing the name of Facebook Pay to Meta Pay, and is planning on making it the digital wallet for the metaverse. The announcement was made by Meta CEO Mark Zuckerberg on his official Facebook page on June 22.

Meta Pay will retain the basic functionalities of its previous version, Facebook Pay, including the options to shop online and send money on Meta platforms such as Facebook, Messenger, Instagram and WhatsApp. 

According to Zuckerberg,  Meta Pay is being planned on being used as a wallet for the metaverse, which will allow users to not only control payment options in virtual reality worlds but also securely manage their personal identity online. 

Zuckerberg also added that Meta is planning on adding a shop that will support Meta Pay, from which users can buy items such as artwork, music, clothes and access to virtual events. He said that transactions through Meta Pay will also ensure proof of ownership for purchased items, which can be used across the different services run by Meta. 

Meta also plans on making digital transactions smoother by introducing easier methods of using metaverse currency, as well as building better opportunities for content creators through the promotion of digital goods that can be purchased exclusively in the metaverse.