The CEO of Meta, Mark Zuckerberg, recently announced that the company would change the name of its payment wallet from Facebook Pay to Meta Pay. On Facebook, WhatsApp, Instagram, Messenger, and any other platform where Facebook Pay is supported, Meta Pay will function precisely and simply as it does for online purchases, money transfers, and donations to organizations that matter to the users.

“But beyond the present capabilities, we are working on something new — a wallet for the metaverse that allows you securely manage your identity, what you own, and how you pay,” Zuckerberg said in a wall post on Facebook. “There will be many digital products you might want to produce or buy in the future, digital apparel, art, films, music, experiences, virtual events, and more,” he continued.

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Zuckerberg said that the ownership documentation would be crucial, particularly if customers wish to transfer any of these assets between services. In addition, users should ideally be able to sign into any Metaverse experience and find whatever they’ve purchased there. According to Zuckerberg, there is still a long way to go, but this interoperability will result in significantly better user experiences and more possibilities for creators.

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