As a result, the papers encompass a variety of crypto products and services that Meta plans to implement on its platform following the company's recent expansion.
Meta Pay is getting a trademark.
According to trademark attorney Josh Gerben, Meta's recent filing indicates that the business is about to launch "Meta Pay," a digital payment network that would allow customers to exchange fiat currencies for digital tokens.
Meta Pay's vast range of services, including financial processing, commercial transactions, and other payment services, distinguishes it from other payment platforms, as do the five new trademark applications.
Furthermore, Meta wants to provide financial exchange services for consumers and businesses to trade and transact virtual and digital currencies, Blockchain assets, digital tokens and other utility tokens. Meta aims to provide these services.
Since changing its name from Facebook to Meta, the firm has stated its intention to move into the virtual sphere, spending substantially in the Metaverse, NFTs, and is actively attempting to integrate crypto services into its platform.
According to the funds invested in virtual assets such as virtual reality (VR), artificial reality (AR), and other virtual space tools, the Metaverse has been the focus of the social media platform in particular.
However, the payment mechanism is still the old Facebook Pay, and the new Meta Pay will be introduced to complete the brand identity, according to recent trademark applications.
Meta is concerned with the payment experience of its users.
Last week, Stephane Kasriel, Meta's head of Fintech, stated that the company would continue to invest in improving the customer payment experience. Since 2009, the company has offered virtual payment services.
According to Kasriel, the platform's user base is fast growing, with transactions now being accepted in 160 countries and 55 fiat currencies.
Facebook Pay has been hugely successful. To meet the growing demand for online virtual payments, the company is looking to shift its focus to a more formidable and user-friendly platform. It is now possible thanks to the widespread adoption of cryptocurrency.
The trademark paperwork for Meta Pay have not yet been completed, therefore the company has yet to make an official announcement.
Facebook Pay has been catering to the requirements of users on the network who wish to make payments for various services, including advertisements and even merchant settlements. Meta Pay's impending arrival will make crypto payment and exchange a viable option.
Mark Zuckerberg, the founder of Meta, is a fervent supporter of the virtual ecosystem and has pledged to make it more lively and immersive for its users. This indicates that more scaling and upgrades are on the way.