Meta Pay Joins JP Morgan Network of Digital Vendors

This Tuesday, the Leader of Commerce, FinTech, and Web3 at Meta, Stephane Kasriel, took to their Twitter account, to announce JP Morgan is offering the Meta Pay checkout option for its network of digital vendors.

Meta Pay 🤝 J.P. Morgan Payments🚨Big news: We’re partnering with @jpmorgan to expand Meta Pay as a checkout option to their network of merchants! Now people will be able to use Meta Pay as an easy, secure way to pay in even more places while shopping online.🚀🛒💻📱 pic.twitter.com/vehLRVx00E

— Stephane Kasriel (@skasriel) October 25, 2022

The news comes after Meta Pay rolled across to 200 countries in September. In addition to its new JP Morgan eCommerce network, the service lets users securely shop, donate and send money across Meta platforms like Instagram, Facebook, and Whatsapp. Meta Pay also allows users to view payment history, manage payment methods, update settings, and access 24/7 customer care.

Supporting Third-Party Metaverse Services

The Founder and CEO of Meta, Mark Zuckerberg, first announced Meta Pay as a digital wallet option for Metaverse services such as the firm’s Horizon platform in June.

The move does not affect the payment service for traditional digital transactions, although it creates new opportunities for Web3 eCommerce.

Zuckerberg noted that Metaverse interoperability would take a long time to deliver. However, he said secure eCommerce support would provide a much better user experience and more extensive opportunities for Metaverse content creators.

Furthermore, the JP Morgan partnership aims to support Meta Pay’s expansion as an interoperable checkout option for online vendors. In May, Kasreil spoke on the importance of integrating interoperable payments systems into Metaverse ecosystems.

During the interview, Kasriel explained that Meta is looking at ways to simplify digital payments across the firm’s platforms to enable users and businesses to benefit from an interoperable Web3 economy.

He added,

“We view this as a single wallet experience for people to use to represent who they are, what they own, and how they pay. We’re in the very early stages of scoping out what a single wallet experience might look like and will have more to say further down the line”

Meta is looking into ideas such as secure Metaverse identities and ownership of digital goods. The Menlo Park-based firm is also exploring methods to integrate alternative payment schemes when users transfer money and buy goods.