Stephane Kasriel, head of fintech at Meta, said that Facebook Pay will soon become Meta Pay.
Facebook Pay will become Meta Pay says Kasriel
In a blog post, Meta’s head of fintech Stephane Kasriel spoke about the rebranding of Facebook Pay into Meta Pay, with the aim of improving payment experiences with Web3.
According to Kasriel, Meta and Metaverse are the expression of new experiences, including payment experiences. For this reason, he describes in three main points how Meta intends to do this.
First, Kasriel explains that Meta (formerly Facebook) has already been in the payments business since 2009, used in 160 countries with 55 currencies, and that the next step will be to focus on these countries, rather than expanding into new ones.
Secondly, another goal of Meta Pay in payments will be to simplify the experience on the platforms, making it interoperable with the metaverse. In this regard, Kasriel points out that Meta is still in the very early stages of definition.
The final evolution point for Meta Pay will be to support companies and creators to better acquire and serve their customers and fans through the new activities that the metaverse offers. Specifically, Kasriel notes that for companies, they are investing in commerce through messaging while, for creators, they are investing in helping them monetize through new products and features that simplify payments.
Meta Pay and the future mission as described by Kasriel
Meta Pay will therefore be an evolution of Facebook Pay in payments, just as Meta Platform was for Facebook when the company’s rebrand took place in October 2021.
Looking ahead, Kasriel went on to describe Meta Pay’s overall mission as follows:
“Our path forward is grounded in our mission to empower everyone, everywhere to access the world’s financial system to accelerate financial inclusion and economic empowerment. Designing products and infrastructure with the metaverse in mind today will help facilitate innovation that delivers greater access and real cost savings — before the metaverse even becomes mainstream. Now is the time to lay down the building blocks for the future. Because once that foundation is in place, the potential of the metaverse, and where it can take fintech next, will be limitless”.
From payments to information: Zuckerberg’s new thinking
Recently, Mark Zuckerberg, leader of social networks with Meta, seems to have decided to take a fresh look at partnerships with news outlets in order to optimize resources for Facebook’s long-awaited metaverse.
For instance, since 2009, Facebook had been partnering with the Wall Street Journal and the Washington Post to produce content in the news section of the social app. Now, however, the entrepreneur seems to be changing his mind on how to invest his resources more effectively on this issue.
In practice, Zuckerberg is planning to delegate the information that remains central to a series of private individuals with short videos, so that Meta becomes a kind of news agency with correspondents all over the world.