Facebook’s virtual currency called ‘Facebook Credits’ is coming closer to its full launch. Facebook developer, Deborah Liu wrote a post on the Facebook Developer Blog which explained how the system will work and what we will expect from the virtual currency.
She talked about how this ‘single, cross-application currency’, will make it ‘simpler for users, leading to higher conversion rates” and “testing has shown that users paying with Facebook Credits are significantly more likely to complete a purchase than the average Facebook user”.
It was also suggested that Facebook Credits would support over 15 currencies, several credit cards, mobile payments as well as PayPal. Quite a few developers have already accepted the program however Facebook has been criticised for the 30% revenue share it will take from its developers, which Facebook argues is because they intend to reinvest back into improving the Facebook Credits system.
However, it is likely that regardless of this criticism, more developers will follow down the route of accepting the Facebook Credits program in a hope that this simplified system will offer them with higher conversion rates.
Are you a Facebook user that would use the up and coming Facebook Credits system or would you prefer to pay-as-you use? Leave us a comment and let us know what you think.
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Tags: Facebook, facebook credits
