All those Facebook subscribers in India, here is some splendid news. The social networking site will now introduce a new payment system known as ‘Facebook Credits’ next month. Facebook currently has over 31 million subscribers in India and its new virtual payment system will enable transactions within the website’s games and apps.
A platform marketing manager at Facebook, Deb Liu stated on the official blog,
“Facebook Credits is currently used in more than 350 applications from 150 developers, representing more than 70 per cent of the transaction volume in virtual goods on Facebook.”
Once users have fed in their payment specifics, they can purchase, spend and earn via the various applications and games that appear on Facebook. This also proves to be good news for brands that purchase products via the social page on the social networking site.
Some of the biggest game developers including Zynga, Playfish,PopCap, Arkadium and Digital Chocolate have already considered this new virtual currency option for in-game online goods. Some of the famous and most played games on Facebook are Mafia Wars, FarmVille and Zynga Poker consist of a user base that is more than 700 million with nearly 200 million of them resorting to these games on Facebook.
Games like Pet Society, FarmVille, Restaurant City and Hotel City will now permit Facebook Credits after laying their own online currency system to rest. Jason Loia, CEO of Digital Chocolate said,
“People are less hesitant to buy virtual currency if it accompanies a consistent and trusted purchasing process so that there’s a lower barrier to entry and reduced friction in the payment process. Facebook’s involvement solves those problems for consumers.”
The company currently ranks in the top 5 for virtual goods gaming.
Most companies have tried and tested this system only to end up content with the results.