Meta Pay replaces Facebook Pay, according to a blog post from Meta's head of fintech Stephane Kasriel. However, instead of an opportunity to hit new markets, the company is now eager to deepen the payment experiences it already offers with Facebook Pay in regions where the service is fast taking off.

It is also looking into how it can make the experience of payments even more simple across its platforms to better access and process payments within the metaverse. "We're very early on in considering what a wallet experience would be," Kasriel said, adding, "Early on, the thinking has been how you prove who you are, and then you carry that identity into other experiences.".

Another way is looking into how to store the digital goods that you own, and carry them with you wherever you go. Last but not least, how to pay easily and through whatever means you want- be that to a friend or even making a purchase from a business or a creator. The company will share more on this later.

Our path forward is founded on our mission to provide access to the world's financial system for everyone, everywhere, accelerating financial inclusion and economic empowerment," Kasriel writes. "Creating products and infrastructure today that are 'metaverse-forward' will set the foundation for innovation that brings more access and real cost savings, well before the metaverse goes mainstream. It is time to lay the foundations for what's next.". Once that foundation is in place, the metaverse and where it can take fintech next will be limitless.

Facebook is in payments since 2009, says people use its platforms to make payments in 160 countries and 55 currencies - person to person, business to business, and business to consumer payments.

In October, Facebook rebranded the company as Meta in order to catch more of the company's core ambition-building the metaverse. Since then, Meta has been renaming products to fit this new corporate branding. Examples include Oculus Quest now called Meta Quest and Facebook Portal now Meta Portal. Thus, Meta would do the same thing for its payment experience since it also prepares itself for the metaverse.