The people over at Facebook have been beta testing a virtual currency credit system in which developers will pe paid for their apps. Not only is Facebook currency going to be a reality, but the company plans on getting a 30% cut on all purchases made through Facebook. This is similar to what Apple gets for their cut of allowing developers to sell their wares in the Apple app. store. Needless to say this is going to add a tremendous amount of value to Facebook as they continue their growth at becoming the largest social networking site ever.

This could also allow Facebook to become their own online payment system similar to PayPal. Google also uses a system similar to PayPal called Google Checkout, and Facebook could challenge them as well.

In a recent article it also stated that:

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.

For those of us who choose not to partake in the games on Facebook or buy anything, this will have no affect on using Facebook.”

With 600 million people using the social networking site, one can only imagine that Facebook credits will be a huge success. One can also imagine that Facebook will be raking in the dough as well.

This will only make Facebook increase in value and I would venture a guess that one day they will surpass both Google and Microsoft. 🙂

Comments welcome.

Source –  gigaom