Meta CEO Mark Zuckerberg just announced that Meta has officially rebranded Facebook Pay to Meta Pay. This is the company’s “first step” in creating a digital wallet for its vision of the metaverse.

Despite Facebook Pay’s name change, Zuckerberg assured the public that the rest of its offerings will remain the same. He said that it would stay the same “easy way” to shop, send money, and donate to charities and causes people care about on Facebook, Instagram, WhatsApp, Messenger, and other places where Facebook Pay is used. 

However, Meta Pay will also serve as a digital wallet for those who wish to buy digital items, such as clothing, art, videos, music, and similar products for the metaverse. It will also let users manage their identity, what they own, and how they pay in a secure environment.

Zuckerberg mentioned that people who wish to take the digital items they bought in the metaverse in different services would need to present proof of ownership, which is solved by Meta Pay’s new feature. 

Zuckerberg also described an ideal scenario where Meta Pay is used that users should be able to sign into any metaverse experience, and everything users bought for themselves, like digital clothes, would be automatically available to them.

“There’s a long way to get there, but this kind of interoperability will deliver much better experiences for people and larger opportunities for creators,” Zuckerberg said.