Meta is once again asserting its interest in blockchain and web 3. The company has filed with the United States Patent and Trademark Office (USPTO) to register the trademark Meta Pay.
Documents submitted to the institution indicate that Meta plans to launch a payment platform for users to exchange regular money, crypto-currencies and other digital assets.
In fact, Meta is planning to change the name of its Facebook Pay service launched in 2019. It should be remembered that they have been in the online payment business since 2009 and that this service is used in 160 different countries. This new identity should therefore allow the company to deploy its strategy towards the metaverse.
In an article on Medium, Meta’s head of commerce and financial technology, Stephane Kasriel, went into detail about the company’s ambition. He believes that society will be radically changed by the irruption of blockchain in both the way we interact and work.
Meta pay to improve the online payment experience
Simplifying online payments is Meta’s priority. Indeed, 1.7 billion people in the world do not have access to financial services because they are unable to prove their identity. To solve this problem, Meta Pay wants to give them access.
Meta’s vision is to create a virtuous ecosystem in which access to financial services and crypto currencies drives entrepreneurship and provides greater stability for people. The development of Meta Pay should facilitate innovation by making blockchain-driven business opportunities and new activities available to users.
Meta sees the metaverse as the future. In fact, the creation of Meta Pay is intended to accelerate financial inclusion while building a product that is able to meet the requirements of blockchain and metavers.
Ultimately, the company would like to launch a single wallet so that users can prove their identity and pay easily in all metaverse worlds.
The company wishes to anticipate the emergence of the metaverse
The company considers that crypto-currencies represent a new economic paradigm. The metaverse opens the way to a new way of exchanging value, participating in a community while having – under certain conditions – the possibility of participating in the governance of projects.
The company is cautious in developing this application. It is aware that it is participating in the genesis of this new company. In fact, Meta wants to focus primarily on the countries in which it is already established.
By further simplifying transactions and payments in the metaverse, Meta aims to develop interoperability for the benefit of both individuals and businesses.
Through the development of Meta Pay, the company aims to democratise access and ownership of goods and services. The blockchain, for example, should offer users the opportunity to buy and sell digital goods and, at the same time, allow creators to monetise their passion.
On the user side, the user should be able to take his or her avatar and identity with them into the different worlds and environments built in the metaverse. On the other hand, creators should not feel locked into one metaverse in order to be able to seize all the opportunities that come their way.
The big question is how to centralise this future platform. The article is not necessarily reassuring on this point since it insists that decentralisation will not make centralised systems disappear.
Knowing the network effect inherent in blockchain, the major apprehension could be the centralisation of the different worlds created within the Meta metaverse.