Friday, 11 March 2011

FB launches credit-only payment tool

The social networking site Facebook has announced it will make Facebook Credits (FC) – the site’s online currency – the single buy-in point to convert real money into credit that can be spent on games and other applications.

Facebook confirmed on 25 January it is planning to force game developers to only accept the FC currency as a payment method on the website. All social game developers (such as the immensely popular Farmville) will have to comply by 1 July.

Although developers can still use their own ‘in-game’ currencies, it does mean that consumers will be required to process the transactions with FC. Facebook works with more than 350 applications and 150 developers.

“The new requirement is a natural progression in the growth of Facebook's brand”, said Mark Herpel, Editor of DGC Magazine. “Requiring a ‘one-size-fits-all’ currency reduces the barriers of entry and should greatly benefit developers. I do envision a ‘pay with [FC]’ option in the near future where this virtual currency can be used in third-party websites to buy physical goods.”

Published previously in E-Finance &PL&P, February 2011. Copyrights apply.