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Facebook Announces New Features in Payment Platform

Say goodbye to virtual credits. The social networking site is shifting its approach to payments.
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Facebook just announced two major changes to its payment platform, which could mean big things for app and game developers.

The company said it plans to begin using local currencies for payments (nixing its platform-wide “Facebook credits”), and it also plans institute a subscription service that would allow users to pay monthly, rather than per-purchase.

According to the announcement, posted on Facebook Developers’ blog, the changes aim to encourage developers and businesses to monetize services more effectively and reach more global users.
 
“By supporting pricing in local currency, we hope to simplify the purchase experience, give you more flexibility, and make it easier to reach a global audience of Facebook users who want a way to pay for your apps and games in their local currency,” the announcement said.  

The subscription service, on the other hand, would let developers “establish a recurring revenue stream and offer updated content or premium experiences for a monthly fee.” Both features are set to launch in July.

These virtual sales via apps and games, like FarmVille, made up a whopping 15% of Facebook’s revenue in 2011, according to the New York Times.

IMAGE: Getty
Last updated: Jun 20, 2012




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