Meta has officially rebranded Facebook Pay to Meta Pay, while detailing plans to introduce a “digital wallet for the metaverse.”

Meta CEO Mark Zuckerberg in a Facebook post, detailed the company’s plans regarding a wallet for the metaverse that will let users manage their digital items across the metaverse.

“Introducing Meta Pay and a digital wallet for the metaverse. Today we’re taking the first step by changing Facebook Pay to become Meta Pay,” Zuckerberg wrote in the post.

Talking about the rebranding of Facebook Pay to Meta Pay, the Meta CEO explained that it will remain nearly the same, helping users shop, send money, and donate to causes they care about on Facebook, Instagram, WhatsApp, Messenger, and anywhere else they 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,” he further wrote.

Talking about the future, he detailed how “there will be all sorts of digital items” that a user might want to create or buy, including 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,” he wrote.

“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,” he added. 

He further opined that the more places users access their digital goods, the more they would value them, creating 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,” he wrote.