The social media giant, Meta, formerly known as Facebook, has filed several applications to register Meta Pay with the U.S. Patent and Trademark Office (USPTO) over the past week.
Accordingly, the filings cover numerous crypto products and services that Meta is planning to adopt on its platform following the company’s scaling over the past couple of months.
Meta Pay to be Trademarked
According to Josh Gerben, a trademark attorney, the recent application by Meta is an indication that the company is on the verge of launching a digital payment platform dubbed “Meta Pay” to allow users to exchange fiat currencies for digital tokens.
The five new trademark applications set Meta Pay apart from other payment platforms with its wide range of services, including financial procession, commercial transactions, and other payment services.
More importantly, Meta aims to provide financial exchange services to allow users and businesses to trade and transact digital currencies, virtual and digital assets, Blockchain assets, digital tokens, and other utility tokens.
Since the change of name from Facebook to Meta, the company has expressed its intent to move to the virtual space and has backed up this move by investing heavily in the Metaverse, NFTs, and is currently working on integrating crypto services to its platform.
The Metaverse, in particular, has been the focus of the social media platform going by the funds it plunges into the virtual assets like virtual reality (VR), artificial reality (AR), and other virtual space tools.
However, the payment system is still the old Facebook Pay, and the recent trademark applications will usher in the new Meta Pay to complete the brand identity.
Meta is Focused on User’s Payment Experience
Last week, the head of Fintech at Meta, Stephane Kasriel, noted that the social media firm would continue to invest in making the user payment experience better than it was before. The company has been a virtual payment service provider since 2009
The number of people and businesses using the platform to make payments is rapidly expanding, and Kasriel added that the payment covers 160 countries with 55 fiat currencies.
Facebook Pay has been an enormous success. The company is looking to shift its attention to a more formidable and user-friendly platform to meet the growing demand for online virtual payments. The adoption of cryptocurrency has made it possible.
Meanwhile, Meta Pay has not been launched because the trademark filings are still under process before an official announcement.
For consumers on the platform, Facebook Pay has been serving the needs of consumers who want to make payments for services like ads or even merchant settlements. The imminent coming of Meta Pay will make crypto payment and exchange a considerable possibility.
Meta owner Mark Zuckerberg is an ardent fan of the virtual ecosystem and has pledged to make the space lively and immersive for its users. This means that more scaling and upgrades are still in the pipeline.