Mark Zuckerberg recently announced that his business empire Meta is renaming its payment app Facebook Pay to Meta Pay.
Facebook Pay gets a name change
Meta Pay will be functionally the same as Facebook Pay, so anyone who has previously set up Facebook Pay will not need to do anything new to start using Meta Pay. The name change is rolling out first in the United States and will roll out globally in the coming months.
Setting up Meta Pay as a small business
As mentioned, if you’ve previously set up Facebook Pay, you don’t need to take any new or additional action to start using Meta Pay. All your existing Facebook Pay information is still present in the redesigned payment app, including account information, payment method and other settings.
Anyone new to Meta Pay can set it up by going to the payment settings and entering your payment method and account information. Meta Pay supports most major credit and debit cards, as well as PayPal and Shop Pay.
Zuckerberg aims for more ‘interoperability’
Mark Zuckerberg posted on Facebook to introduce the new Meta Pay brand, saying, “Today we are taking the first step by turning Facebook Pay into Meta Pay. It remains the same easy way to shop, send money and donate to charities on Facebook, Instagram, WhatsApp, Messenger and everywhere else you could use Facebook Pay. But in addition to the current features, we’re working on something new: a wallet for the metaverse that will allow you to securely manage your identity, what you own and how you pay.
“In the future, there will be all kinds of digital items that you may want to create or buy – digital clothing, art, videos, music, experiences, virtual events and more. Proof of ownership is important, especially if you want to take some of these items with you to different services.
“Ideally you should be able to log in to every metaverse experience and everything you’ve bought should be there. There’s still a long way to go, but this kind of interoperability will bring much better experiences for people and greater opportunities for creators. That is, the more places you can easily use your digital goods, the more you will appreciate them, creating a bigger market for creators. The easier you can transact, the greater the opportunity for creators to We look forward to building on this.”
Meta’s Payment Security and Protection
Meta says they’ve been offering trusted payment services since 2009 and now enable people and businesses in more than 160 countries to make payments in 55 different currencies.
They emphasize that they will continue to invest in security, with Meta Pay using the same encryption as Facebook Pay to securely store payment card numbers. There is also anti-fraud monitoring on the Meta Pay systems that detects unauthorized activities and notifies the account holder when they occur.
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This post Facebook Pay gets a name change
was original published at “https://smallbiztrends.com/2022/07/facebook-pay-to-be-replaced-by-meta-pay.html”