Facebook has been in the process of testing their new payments system for the past few months and recently reached out to the developer community to request inquiries from those application looking to use test the new system.
According to Facebook there are now 8 Facebook applications that are accepting Facebook Credits. The process of using Facebook Credits is fairly straight forward. Users of an application are given the opportunity to make a purchase for upgraded features or for virtual goods and then are prompted to checkout as pictured below.
Facebook has been testing out the system for a few months and now has integrated with the following applications:
- Birthday Calendar
- (Lil) Green Patch
- Robin Hood
Most of the applications are using Facebook as an alternative payment platform and while we currently don’t know the total volume of transactions being processed, I’d assume there has been at least a few million dollars worth of transactions run through the platform. Virtual transactions are accounting for an increasing percentage of Facebook platform revenue as games have proven to be the most successful applications to date.
While all Facebook games are free to play, most have integrated virtual currencies as the primary source of revenue. Advertising has become a secondary channel for applications like FarmVille, Pet Society, and other large Facebook games. It’s not surprising that 5 of the 8 applications that have integrated Facebook Credits into their applications are also games. Whenever f8 is this year, my guess is that Facebook Credits will be a large component of their announcement.
Have you seen any other applications integrate with Facebook Credits? Are you already brainstorming ways to build Facebook Credits into your own applications?