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Launch Of Meta Pay: Digital Wallet By Meta To Enable Digital Payments In The Metaverse!!!

Meta Pay Updates: According to the corporation, using Meta Pay will increase access to a wider variety of digital goods that come with ownership evidence.

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HIGHLIGHTS:

• Not yet available in India is Meta Pay.
• To its “wallet of the metaverse,” Meta will continue to introduce new functions.
• Facebook Pay evolved into Meta Pay, essentially.

The domains of the metaverse and Web3 are being further explored by Meta, previously Facebook.

In a recent development, the business introduced its own wallet service as a general payment method that could be utilised in both the real world and the metaverse’s virtual environment.

This wallet service, called Meta Pay, is essentially an advancement of Facebook Pay. According to the corporation, using Meta Pay will increase access to a wider variety of digital goods that come with ownership evidence.

THE CEO OF META, MARK ZUCKERBERG, PROVIDED ADDITIONAL INFORMATION REGARDING META PAY IN A FACEBOOK POST:

Beyond the existing capabilities, we’re developing a wallet for the metaverse that will allow you to securely manage your identity, what you own, and how you pay, said 38-year-old Zuckerberg in his essay.
In the Web3 era, according to Zuckerberg, the need of ownership evidence will increase as creators begin to produce digital apparel, artwork, and videos that are specifically suited for an immersive metaverse experience.
As a result, in the future, everything bought in one region of the metaverse might be forced to be available on another platform, with identical features.This is the service that Meta is trying to offer.
This kind of interoperability will lead to much improved user experiences and more possibilities for producers, even though there is still a long way to go.
In other words, you’ll value your digital goods more the more places you can use them without difficulty, which expands the market for creators, according to Zuckerberg’s post.

Meta Pay

THE DIRECTOR OF COMMERCE AND FINANCIAL TECHNOLOGIES OF META, STEPHANE KASRIEL, TWEETED SCREENSHOTS OF THE META PAY USER INTERFACE:

In the US, Meta Pay has already begun to be made available; a gradual international rollout is planned.
Meta is exploring for methods to improve the convenience of logging into accounts in Virtual Reality as part of its future goals (VR).
The time is right, the world is ready, and we are in a unique position with the resources to make this happen.
The amount a fully realised metaverse may contribute to the global GDP is estimated to be $3 trillion (approximately Rs. 2,36,27,850 crore), Kasriel wrote in a Medium post.
The launch of Meta’s one-stop wallet, which will allow users to access all of their digital assets across various metaverses, comes as Zuckerberg continues to add more Web3 components to the functionality of the social networking programmes he controls.
This month, Meta said that it would soon start testing the use of its augmented reality platform, Spark AR, to show non-fungible tokens (NFTs) on Instagram Stories.
Ethereum and Polygon are two of the blockchain networks that are supported by the functionality, and Flo and Solana will soon be available as well.
The Metaverse Standards Forum was recently formed by Meta, among other companies including Microsoft and Nvidia.
The group’s goal is to promote the creation of industry standards that will enable interoperability by ensuring that the companies’ emerging digital worlds are compatible with one another.

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