Facebook to launch PayPal-style 'Credits' in September
- Added:
- Jul 19, 2010
Facebook is set to launch a virtual currency, called "Facebook Credits" in September, letting users trade virtual and physical goods throught the social network.
Facebook Credits will become the default online currency for the company, and will use a similar syatem to that offered by eBays online payments firm PayPal.
Currently in a test phase, Facebook Credits is likely to be rolled out to all users and developers in September.
Credits will be aimed at virtual goods such as games, initially, but will eventually let consumers buy physical goods as well.
The virtual currency is likely to provide big opportunities for consumer brands to offer transactions on Facebook and throughout the web using Facebook Connect.
Credits accounts will allow topping up with any credit card and will charge a merchant 30 per cent commission.
A Facebook spokeswoman said the network is exploring ways of letting people use their Credits with third-party applications and games on the site.
Meanwhile, the social networking site also announced that it is closing down its Gift Shop on 1 August. Through the service, users could send virtual gifts to their friends.
********************************
Get Netimperative updates on Twitter
