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Update: A Facebook spokesperson clarified that it was already these 13 markets, however, they will now be offering additional payment methods through Live Gamer that were not previously available. The biggest change is that developers in these countries have the opportunity to be paid out directly to their bank accounts. The story has been updated to reflect these changes. Facebook’s payment system will be available virtually worldwide starting next month with additional support coming in 13 countries in Latin American and Asia. For those who don’t know, Facebook Credits is the currency inside all games on the social network and acts very similarly to Apple’s iTunes. And, just like Apple, Facebook keeps 30 percent of the revenues and shares 70 percent with developers.
Facebook is ready to go big with its Facebook Credits virtual currency: the company announced that all developers will have to use the credits in their apps starting July 1. The move takes Facebook Credits out of beta and will make it the main payment system for all apps, with Facebook getting a 30 percent cut of the action. But the transition to Facebook Credits is not just about Facebook getting a cut of Farmville virtual transactions. This is about Facebook ultimately starting its own online payment system that could be used to buy a lot of different goods and stretch beyond the boundaries of the social network. Facebook Credits was first launched in beta last year and though it forced developers to hand over a big chunk of their revenue, Facebook sold them on the system by emphasizing its ease of use and how well it monetizes with users.
Facebook is about to ruffle some feathers. We’re hearing from one source that the social network is reaching out to game developers to inform them that it is making its own, official Facebook Credits currency mandatory. Our understanding is that it will be the exclusive currency as well. Update : Facebook has confirmed that it is indeed making Facebook Credits mandatory for Games, with the rule going into effect on July 1 2011. Facebook says that Credits will be the exclusive way for users to get their ‘real money’ into a game, but developers are still allowed to keep their own in-game currencies (FarmBucks, FishPoints, whatever). For example, Zynga can charge you 90 Facebook Credits for 75 CityCash in CityVille.
Rixty is a great service where you drop change in a something resembling an Arcade cabinet, and the money goes towards virtual currency and virtual goods for online games. Staying true to their commitment to simplifying the virtual currency process, they’ve announced that thousands of ‘CoinStar’ machines around the country will now accept spare change and convert it to Facebook Credits. I take a look at how this is a cool new feature that young game players will use more often as time passes. Rixty is one of my favorite monetization companies hovering around the social gaming space these days, and we interviewed their CEO, Ted Sorom, at this year’s Social Gaming Summit and were really impressed with his vision for the future of social game monetization. The idea would be that young people, especially those who don’t have credit cards, can drop their change in these compatible machines, of which there are 20,000 around the country.
The application could help developers generate revenue from games such as Platogo's Whac-A-Pal. Photograph: Guardian Facebook users are expected to spend millions of pounds online following the release of a new application which allows developers to make money out of previously free games. Platogo , a developer of games on the social networking site, has said it has begun using the application to enable its players to use real money – up to €50 (£40) at a time – to buy virtual currency in its Facebook games. The new application, called Buxter , was released by the payments company ClickandBuy earlier this year, and is described as an online wallet to allow Facebook users to send and receive money, for example to contribute towards a friend's birthday present, or to repay a share of a restaurant bill.
, which more than any other company aspires to usurp Google’s dominant place on the Internet, hopes to avoid that problem. Already on the path to becoming an advertising powerhouse, the social networking company is laying the groundwork for its second act: a virtual currency system that some day could turn into a multibillion-dollar business. Facebook began testing its virtual currency, called Credits, more than a year ago with some popular games on Facebook.
Facebook developers–all one million of them–can now monetize their apps using PayPal. The new partnership between the companies was announced at PayPal X Innovate , the online payment service’s conference. PayPal’s new micropayments will be integrated into Facebook for its virtual currency. A PayPal blog post describes the announcement :