Mark Zuckerberg recently announced that his business empire Meta is changing the name of payment app Facebook Pay to Meta Pay.
Facebook Pay is Getting a Name Change
Meta Pay will be functionally the same as Facebook Pay, so anyone that has previously set-up Facebook Pay will not need to do anything new to start using Meta Pay. The name change is first rolling out across the United States and will roll out globally over the next few months.
Setting-Up Meta Pay as a Small Business
As stated, if you have previously set-up Facebook Pay, then there’s no new or additional action required to start using Meta Pay. All of your existing Facebook Pay information will still be there in the rebranded payment app, including account details, payment method and other settings.
Anyone new to Meta Pay can set it up by going to Payments settings and entering your payment method and account information. Meta Pay supports most major credit and debit cards, as well as PayPal and Shop Pay.
Zuckerberg Aiming for More ‘Interoperability’
Mark Zuckerberg posted on Facebook to introduce the rebranded Meta Pay, saying: “Today we’re taking the first step by changing Facebook Pay to become Meta Pay. It’ll stay the same easy way to shop, send money, and donate to causes you care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else you could use Facebook Pay. But 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.
“In the future there will be all sorts of digital items you might want to create or buy — digital clothing, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services.
“Ideally, you should be able to sign into any metaverse experience and everything you’ve bought should be right there. 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. The more easily you can transact, the bigger the opportunity for creators should get as well. We’re looking forward to building this out.”
Meta’s Payment Security and Protection
Meta say they have been offering trusted payment services since 2009, and that they now enable people and businesses in over 160 countries to make payments in 55 different currencies.
They emphasize that they will continue investing in security, with Meta Pay using the same encryption as Facebook Pay to securely store payment card numbers. There is also anti-fraud monitoring on the Meta Pay systems that detects unauthorized activity and notifies the account holder when it occurs.
Image: Depositphotos
This article, "Facebook Pay is Getting a Name Change" was first published on Small Business Trends
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Gabrielle Pickard-Whitehead, Khareem Sudlow
