Facebook recently announced that it is phasing out facebook credits till the end of this year. Personally I’m pretty sad.

This does not mean that the 15% revenue they are making from credits or other payments will be gone – they will just call it something different.

It is really sad to see the Mark Zuckerberg Dream of becoming a currency dissolve like that. For some reason facebook has realized that they will need to stick to local currencies and not create their own. I wonder what was the reason behind this, perhaps focus after the IPO – still, I’m a bit confused.

Australia’s Commonwealth Bank just entered into Beta with Facebook offering a service where the banks client can make third party payments through the application. Let’s call that private banking – because you don’t necessarily share your transactions to your network.

On the other hand: A company called Loyal3 makes it possible for people to invest in stocks directly from facebook – with no commissions – and this is done with sharing with your friends.

So what is facebook credits developing into? My thoughts would be an interconnecting network for all our payments. Same Dream Different Dressing.

I would like to thank Dean Alms from Milyoni a Social Entertainment company for sharing this information:

FB Credits Growth Over Years

Guess What??? It’s now a Billion Dollar industry and it makes me sooooo happy!!!

Facebook has announced last Friday that offers as previously related to FB Credits can now be directly used for any game virtual currency.

In the past, users and developers were forced to use facebook credits for their virtual currency and offer wall. Since Friday, Developers and users can now use their Apps own virtual currency with no dependency on FaceBook credits.

See illustrating image:

Facebook has announced the addition of several international payment methods to its credit.

The full list of payment methods in each country can be found here:

https://www.facebook.com/help/?faq=203680236341574

Facebook also fixed a pay flow bug and added the following restriction to its terms and conditions:

“2.14 You may not accept Credits in one application and deliver or transfer the purchase to the user in another app without our prior authorization. For example, an app solely designed to facilitate transactions is not permitted.”

Literally, this shuts the door for any of you smart folks out there that wanted to trade real money for facebook credits. You can’t move credits from one application to another, and you can’t have an app that does Exchange. I wonder if Zynga abides by the same rules???

This is a weird post…

Paypal, facebook’s partner has uploaded an app where you can send money to your firends:

https://apps.facebook.com/paypal_sendmoney/

free money

The reason this is weird is because of the obvious question: Why doesn’t facebook do money transfers on its own using facebook credits???

Yes FB Credits are used to buy virtual goods – we know that! But why isn’t facebook going after the physical world? Mark Zuckerberg are you scared?

They whole idea of facebook is to emulate social interaction – last time I checked there is physical goods commerce in social interaction. It is only natural evolution. But hey, if you want to give that to your Paypal partner… go ahead.

Facebook credits are being tested on The GameHouse Website. Members of that website will be able to buy virtual coins through Facebook credits. In the past, members of GameHouse, were only able to use Credit Cards and Paypal accounts. Now, if they logon through facebook they will be able to use their facebook credits to buy virtual gifts.

This week we’ve seen two great developments with credits: Credits for Mobile and Credits for Websites. The World’s Virtual Currency “FBC” is gaining ground!!!

Web Based applications can now use facebook credits !!!

Web Applications that use HTML5 – the new Mobile language can use Credits as their exclusive payment processor.

Now we shall see credits on mobile stuff… almost there…

The Michael Jackson Live Streaming “Forever Tribute Concert” Will be available through Facebook credits in the world’s first Pay-Per-View Event.

The Concert will take place October 8th at 10:00 AM PST or 13:00 PM EST.

You can buy tickets to this historic events at 50 facebook credits. The event will be hosted by Jamie Foxx. Artists like: Beyoncé, Christina Aguilera, The Black Eyed Peas, and Smokey Robinson will also be there!

It is with Milyoni’s Social Live technology that this event will be made possible. This is the same technology Universal pictures partnered with in order to allow renting movies in facebook.

Enjoy the Show!

According to eMarketer: The forecasted revenue from facebook credits has tripled since last year.

In 2009 they made $39 Million Dollars

In 2010 they made $140 Million Dollars

In 2011 they should make $470 Million Dollars!!!

Credits make up for 12% of facebook revenues.

Miramax has joined Warner Bros and others making movie rentals streaming available for facebook users. Now you can use your facebook credits to watch movies with Miramax.