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Meta or formerly known as Facebook rebranded last year reinforced its commitment and vision to help build the next evolution of social connection — the metaverse. And to prove how serious and dedicated they are when it comes to the metaverse, Facebook CEO Mark Zuckerberg changed Facebook Pay to Meta Pay to bring their payment offering closer to their rebrand. Meta Pay will be the same easy, secure way for you to shop, send money, and donate to causes you care about across Meta's technologies, including Facebook, Messenger, Instagram, and WhatsApp, as well as anywhere you previously would've seen the Facebook Pay button while shopping online. Meta Pay's features and overall user experience people know from Facebook Pay will remain the same. This change is first rolling out in the US and will roll out globally over time.
Meta Pay could make the metaverse more attractive for retailers, as simplicity drives more consumer spending. A 2020 Marketing Science Institute study found that customers spent 17.4% more at retail sites after sellers adopted one-click buying. Conversely, 17% of consumers in a Statista survey abandoned their online orders because the checkout process was too complicated.
The immersive nature of the metaverse makes easy buying essential, OnConvergence analyst Tom Brannen said. Suppose customers interact with the metaverse on a virtual reality (VR) headset. In that case, they won't want to take it off to type in a credit card number.
Meta has offered trusted payment services since 2009. Today, the company enables people and businesses in over 160 countries to make payments in 55 currencies.
Meta will continue to invest in security. Just as with Facebook Pay, Meta Pay encrypts and securely stores your payment card numbers, performs anti-fraud monitoring on its systems to detect unauthorized activity, and notifies you if that occurs. You can also create a Meta Pay PIN or use your device's face or fingerprint recognition to secure every payment.
If you have previously set up Facebook Pay, then there's no action required to start using Meta Pay. All of your existing Facebook Pay information will remain the same in Meta Pay, including account details, your payment method, and settings. If you're new to Meta Pay, it's easy to set up:
Last year, Meta spent US$10 billion on its metaverse division, chasing a market Constellation Research estimates could hit US$21.7 trillion by 2030. However, this spring, Meta announced that it would spend less on developing the metaverse in the face of lackluster revenue growth.
Meta's spending has given it a strong position in the VR/AR market. The company's Meta Quest 2 accounted for 80% of the AR and VR headsets sold worldwide in 2021, according to research firm IDC.
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