Facebook Pay is being renamed Meta Pay

Facebook is being renamed as users continue to use its services with digital assets and the Metaverse

Facebook's mobile payment platform, Facebook Pay, is being renamed to Meta Pay, which will be evident to customers soon according to head of commerce and financial technologies at Meta, Stephane Kasriel.

Facebook Pay has been available to users on Facebook, Messenger, Instagram, and WhatsApp since 2019 and is widely used by people in almost 160 countries for payments, split charges, gift cash, and to request money in 55 currencies.

The service is in the early stages of creating a simplified "single wallet experience" to represent people with "who they are, what they own, and how they pay", Kasriel said.

The platform can be used to prove one's identity, store digital goods and have access to the metaverse.

The blog stated, "We see this as an important opportunity to bring more people into the financial system. We've seen first hand that when people can access financial tools, they're more empowered to support themselves and others, or start a business."