Posted by: Collabo
Category: Facebook, Social Networking
Tags: Facebook, Facebook Connect, payment processing, virtual currency
Facebook Virtual Currency on the Horizon?
There are tens of millions of dollars transacted on Facebook via social games and virtual goods, yet Facebook itself has yet to directly take a cut of these earnings. Developers have several ways of processing transactions including PayPal, Zong, and Mobillcash, but Internet sources report Facebook is looking to provide its own payment processing solutions to boost revenues.
Last month Facebook began testing a system where users could purchase credits for $1 per 100. The initial concept allowed people to share credits with friends for status updates that they enjoyed, but think of all the other possibilities of a virtual currency such as ‘Facebook Credits’. Users could enter their payment information into a secure Facebook form one time and have the power to purchase across the entire Facebook platform including apps and third-party sites using Facebook Connect. With Facebook recently passing the 200 million user mark, this is a more than viable revenue model.
Source: VentureBeat
