Facebook’s virtual currency, Facebook Credits, is almost on it way for a full launch.
Facebook explains in their developers blog that the long-term goal of Facebook Credits is to provide a currency that makes purchasing virtual items across applications fast and simple.
Facebook Credits supports various credit cards, fifteen currencies, mobile payments and now PayPal too.
Source:Facebook
According to the blog, “Today more than 500,000 applications exist on Facebook, and the virtual goods within those applications (particularly games) have become an increasingly valuable part of the user experience. By providing a single, cross-application currency, our goal is to making transactions simpler for users, leading to a higher conversion rate for developers. Specifically, our early testing has shown that users paying with Facebook Credits are significantly more likely to complete a purchase than the average Facebook user.”
Apart form the full launch of Facebook virtual currency, Facebook has publicly announced that it plans to take a full 30% of the revenues earned for goods sold via Facebook Credits.
Some developers are said to have denounce that as being too expensive, but Facebook assures developers in the blog post they are going to invest “heavily in the ecosystem” by educating users and marketing the currency, testing out incentive to get people to try the credits, and seeding Credits in a way to promote repeat engagement.
Though this sudden proposal of 30% cut from the developer’s revenue will be felt as a big hole in the pocket, as Facebook assures, providing a single, cross-application currency, and simpler transactions will drive users to repeated engagement of buying virtual goods. This will also help to erase users reluctance to do transactions with third-party currency providers. And by the way, Apple also happens to take the same percentage from App Store sales.
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