Facebook Credits or 'virtual currency' is getting closer to its full launch. A recent post on Facebook Developer Blog explains how the system will work, what we can expect from this virtual currency system as well as disclosing of how much revenue they will be taking.
“By providing a single, cross-application currency, our goal is to [make] 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.”
Facebook developer Deborah Liu also commented that Facebook Credits supports 15 currencies, several credit cards, mobile payments and recently PayPal and that they would be rolling out the program to more developers over time.
Several large developers have already accepted the Facebook Credits program because similar to the system used in Apple apps store, users transactions are simplified which increases the conversion rate for developers. However, Facebook have been criticised for 30% revenue share it will take from developers, which developers say is too much. However Facebook have commented that the reason for the 30% revenue cut is because they intend to reinvest into improving the Facebook Credits ecosystem.
What do you think? Do you think the rate is too high for Facebook to be charging developers? Are you a Facebook user that would use the Facebook Credits system? Leave us a comment and let us know what you think?
Via Cnet
One thought on “Facebook Credits: Ready for Full Launch Soon!”
I think this is agreat idea and I will be useing Facebook credits and I do not think 30% is to high, companes pay alot more for advertsing and after all isn’t it advertising? Great way to reach customers.
N. Shepherd