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Facebook Currency Will Make Company A Fortune

Facebook, seeking to develop revenue streams beyond advertising is going to demand that all developers of games on their social networking service use its in-house credits-payment system, as of July 1, 2011.

Credits can be used to buy virtual goods and pay for other services in games that people play on Facebook. The company began testing the credits-payment system as a form of currency with some developers in 2009. They are now used in more than 350 applications from 150 developers, representing more than 70% of virtual goods� transactions volume on Facebook.

Facebook users can buy credits with a credit card � which cost $1 for a set of 10 � from mobile phones, through gift cards sold at grocery stores and convenience stores, as well as by using eBay�s PayPal payment service. Facebook takes a 30% cut on sales of credits, compared to eBay�s PayPal which take 3% of all transactions.

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