Meta is closing down its digital wallet. The last day to add funds will be July 20th, with the platform shutting down on September 1st. Meta advised users to withdraw their balance as soon as possible, noting that it would attempt to transfer any remaining money to customer bank accounts after the last day of operation.
The shutdown is the end of Meta's ambitions. A small pilot was started by the company in October. The wallet didn't support Diem - Meta's in-house digital currency. David Marcus quit Meta one month later. The Diem Association announced at the beginning of the 21st century that it was shutting down.
It doesn't mean Meta won't make another wallet. The company is introducing new products, such as digital collectibles, as a result of the years spent on building capabilities for Meta, according to a company spokesman. We are very optimistic about the value these technologies can bring to people and businesses in the metaverse, so you can expect to see more from us.
The company announced last month that it was changing its name to MetaPay. The change was called a first step in the creation of a digital wallet. Meta Pay would be a place to store all the digital items you buy or create in virtual worlds, according to an executive.
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