Facebook Credits
When Facebook Deals launched this week, it also marked the first time that Facebook Credits would be used to purchase a tangible item. Facebook Credits are a virtual currency you can use to buy virtual goods in many games and apps on the Facebook platform. You can purchase Facebook Credits using your credit card, PayPal, or a mobile phone.
Facebook actually began testing Credits in the mid-2009 and rolled it out last year. By this summer, Facebook will require all social game developers to accept payment through Facebook Credits. While this doesn’t mean exclusivity, Facebook will offer incentives to those who use its system.
Facebook Credits | How to purchase
You can buy Facebook Credits from the Payments tab in your Account Settings using a major credit card, PayPal, or your mobile phone. If you try to buy something in a game or app that costs more Credits than you currently have in your account, you will be prompted to purchase more. The item’s cost will be deducted from the number of credits you purchase, and the remaining amount will be added to your balance. You can also purchase Facebook Credits directly in many of the games on the Facebook platform.
For a list of games and apps that you can purchase with Facebook Credits, click here.
Facebook Deals are still a virtual good because the customers are using the Credits to purchase a voucher that can be exchanged for the featured item or service. But Facebook Deals is an improvement and a step closer to purchasing real items compared to goofy timewasters like FarmVille crops or digital pets.
Facebook Credits generally cost $1 for 10 credits, but the more your purchase, the better discount you receive. For example, buying 4,720 Facebook Credits costs $400 — an 18% bonus. Some major retailers, including Target, are selling Facebook Credits gift cards.
An upcoming report from Social Times Pro, a research firm that specializes in scrutinizing Facebook, estimates that $600 million will pass through the Facebook Credits platform in the 12-month period that starts in July 2011.
What do you think? Will you be using Facebook Credits?