‘How payments should be invented’ for a fully digital world: David Marcus
David Marcus, Head of F2, joins 'Influencers with Andy Serwer' to discuss how digital payments will integrate into Facebook's metaverse.
Video transcript
ANDY SERWER: Ken Novy. Is Novy connected to the metaverse somehow?
DAVID MARCUS: Well, in a way, yes. Because in the metaverse, and actually it's a very helpful way to think about future-proofing our products by the way. But when you think about the metaverse, you think about a digital-only world.
And when you think about a digital-only world or environment, then you can actually completely get rid of antiquated infrastructure and concepts that have no reason to exist in a digital-only world. And that's very helpful because it helps you think from a blank sheet of paper. And I think when you start to think about how payments should be invented for world that was fully digital, it would look very different than the current world where you have to actually walk to a branch to do a wire transfer or cut paper checks.
And a world like this will need a protocol for money. Will need interoperability, not only for the world itself or the environment itself, but also for the wallets. And it will require smart-contract programming language and programmable money.
Because it'll enable creators to build all kinds of new monetization models that will be great for them, and really great for consumers. And so, we believe that we can be an enabling part of the vision for the metaverse. And while building for that, also building the right product and sets of experiences for the very people who are on those $25 smartphones right now, and who probably won't experience the metaverse for a little while. But they will get the benefits of lower cost and more accessibility for payments and storing their money digital.
