Facebook users can also purchase virtual gifts from third party applications using Facebook Credits.
Note: The government will very likely step in long before Facebook credits become a ubiquitous form of currency.
Purchases could be paid for with Facebook Credits, the virtual currency payment system Facebook introduced in 2009, added Serbinis.
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In addition, Facebook is now charging a 30% transaction fee for using its all-but-mandatory virtual currency, Facebook Credits.
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How about linking my social currency (Facebook credits) into the wallet so that I can use them when I want?
Admittedly Facebook Credits affects these numbers as the transition to Facebook Credits began in July 2010 and ended in April 2011.
Facebook is announcing the next phase in its roll-out of its virtual currency Facebook Credits, which is leaving beta testing today.
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In May, after lengthy negotiations, both firms agreed that Facebook Credits, the social network's currency, would be accepted in Zynga's games.
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Facebook has been known to take 30% on Facebook Credits purchases, though it is not clear if that same fee applies here.
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It benefits Facebook as well, since Facebook takes a cut of 30% on any purchase made on its platform with Facebook Credits.
Earlier this year the firm said it wanted applications running on its platform to accept its virtual currency, known as Facebook Credits.
In a key move, Facebook made Facebook Credits or payments mandatory for all game developers accepting payments as of July 1, 2011.
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The Zynga Platform will use Facebook Connect to gain initial traction and will continue to use Facebook Credits as the mode of payment.
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Could Facebook Credits ever be used to buy real goods, putting it in direct competition with the likes of Amazon, PayPal and eBay?
Triangulate operates Wings as a free app, but makes money off of the Facebook Credits its users buy to connect or communicate with each other.
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Facebook is letting people pay for the deals with Facebook Credits.
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The most interesting aspect of the story, since Facebook already started letting users sign up for the service last month, is the use of Facebook Credits.
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That revenue was generated from the 30% that Facebook takes in microtransactions for games using Facebook Credits, as well as advertising that Zynga buys on Facebook.
Although with money transmitter licenses in at least 15 states now, Facebook Credits is further along than previously thought in competing more directly with banks.
Facebook Credits has faced some unpopularity among game developers, who are used to managing their own in-game virtual currencies and taking a larger cut of the revenues.
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Just the opposite, in fact: the company has been the official testing partner for Facebook Credits and first began implementing Credits in its games last year in December.
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Facebook Credits has finally completed its collection of all the major social game companies, signing deals with Zynga, Crowdstar, Playdom (Disney), and now gaming giant Electronic Arts.
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Boku, which is more a middleman than a retailer like ASOS, recently tweaked its system to let users pay for goods with Facebook Credits instead of real cash.
Zynga and Facebook engaged in a five-year-long commitment in May, agreeing that Facebook Credits would be the exclusive form of currency used for all Zynga games hosted on Facebook.
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Facebook makes its money primarily through display advertising, but also facilitates the purchase of virtual goods in games and applications running on its platform through Facebook Credits, a virtual currency.
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According to the TechCrunch article, Facebook is attempting to shore up its competitive positioning with a big push to developing its own apps on HTML5 and moving quickly to an online currency to hook users (Facebook Credits).
Facebook credits are virtual currency that can be spent on virtual goods (virtual farmland, outfits for your avatar, virtual food, treasure, new abilities, etc.) within apps and social games played on Facebook, like FrontierVille and Farmville.
This is because Facebook announced this month that from July, all game developers on Facebook will have to process payments through Facebook Credits, which is used in more than 350 games and applications like Farmville and Bejweled Blitz.
If you buy and hold Facebook credits (used to buy virtual goods in games on Facebook) Facebook treats the purchase as deferred revenue the same way a retailer would book the sale of a gift card until you spend your credits.
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