Facebook Brings In Payment System

FT -- June 2 -- Facebook has begun tapping a new revenue stream with the introduction of an internal payments system. The payments system, which is in its early stages, will allow users to purchase Facebook “credits”, then use those credits to buy virtual goods from the third-party applications that run on the site, or from Facebook itself. Users are increasingly spending real money buying virtual goods and credits on the applications that run on Facebook’s platform. Zynga, the largest applications developer on Facebook is reported to be nearing annual sales of $100m. Together, developers working on Facebook’s platform are expected to make more than $500m this year – perhaps more than Facebook itself. FULL ARTICLE @ FINANCIAL TIMES

Mark Brooks: Sponsor - Viximo helps social networking and dating companies get up and running with virtual goods and currency. (Viximo is a client of Courtland Brooks and a sponsor of this blog)

 

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