Facebook Pay is rebranded as Meta Pay

Meta Platforms will rebrand Facebook Pay – its payment system available on Facebook, Messenger, Instagram and WhatsApp – to Meta Pay “soon”, according to a blog post Wednesday (May 11) by Stéphane Kasriel, head of business and financial technology at Meta.

“We are focused on improving the payment experiences we already offer with Facebook Pay, where we are seeing good adoption,” Kasriel wrote in the blog post. “And with that, a focus on quality in the countries we’re already in, rather than expanding into new countries right now.”

Meta’s platforms are used by companies in 160 countries, he wrote.

“We view this as a unique wallet experience that people can use to represent who they are, what they own, and how they pay,” Kasriel wrote in the post. “We are in the very early stages of defining what a unique wallet experience might look like and we will have more to say later.

“We’re looking at: how you can prove who you are and carry that identity across different experiences in the metaverse; how to store the digital assets you own and take them wherever you go; and how you can easily pay with any payment method you want, whether to a friend or buying from a business or creator,” he wrote.

Related: Great app or not, Facebook Pay knows it needs to close the consumer trust gap

In August, Facebook Messenger added the ability for users to send cash birthday gifts directly through the platform using Facebook Pay.

The end game with Facebook Pay, said Meron Colbeci, head of consumer product management at Facebook, told PYMNTS CEO Karen Webster, is to go wherever its users interact and help them “close the loop” without ever needing to leave Facebook.

Facebook Pay has taken on a slew of more established competitors since launch, both within its own ecosystem and on the wider web, including Venmo, PayPal, Cash App, Google Pay, and Apple Pay, all of which have a much larger user. base than Facebook Pay.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.