Thursday, July 8, 2010

Facebook Virtual Currency for Asia-Pacific

Facebook has signed an agreement with a company in Asia to allow for virtual currency in transactions conducted on these social networks. This virtual currency will be used in any transaction is on Facebook, both in the purchase of virtual items for games and other services involving retail stores throughout Asia. This service is claimed to be the first. Social networking giant is working together with the payment service provider named MOL AccessPortal. MOL will provide a means of payment named Facebook Credits for Facebook users that can be obtained by purchase.

Credits Facebook itself is a virtual currency that can be used by consumers to buy gifts or virtual goods in many of the services or applications that integrate game on Facebook. Many Facebook users who prefer to use a physical card to make payments online. But Facebook Credits will later be sold at 500 000 MOL existing outlets in 7-Eleven stores and internet cafes across the Asia-Pacific region so that Facebook Credits will be easily found.

"Facebook wants developers and site owners to provide content. We want to make it very easy for people to make a lot of money on the popularity of Facebook," said Director of Business Development and Corporate Facebook Vaughan Smith. "What we want to do is create a virtual currency to be more easy for users to buy services when they use games and services on Facebook." explained Smith. Going forward, Facebook and MOL will also launch Facebook Gift Card in Malaysia and Singapore as a testing phase before the launch of Facebook globally Credit.

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