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Report: Facebook Planning Its Own Virtual Payment System

imageTired, perhaps, of getting shut out of the millions of dollars being spent on virtual goods and social games that run on its platform, Facebook plans to test its own micropayment system within the next few weeks. Full details about the system are scarce, but sources tell VentureBeat that the test only involves a few developers, and that, of course, users will be able to pay for things with real money.

VentureBeat suggests that the platform could include a “universal currency” linked a user’s login, meaning members would only have to enter their payment info once to conduct transactions on Facebook, in apps and on third-party sites accessible via Facebook Connect.

We’re all left speculating because Facebook hasn’t confirmed (or denied) the report, but the idea that there’s some kind of payment platform in the works isn’t that hard to believe — especially since COO Sheryl Sandberg acknowledged that it was time for the network to “execute” and deliver a solid return on investment for backers like *Microsoft*.

Photo Credit: pshab

3 Responses to “Report: Facebook Planning Its Own Virtual Payment System”

  1. For Facebook yes, but how about all those micropayment guys who have been trying to tell the industry that micropayments, especially when they are based in "universal currency," are the perfect content monetization solution? I remember very well the times (not so long ago) and the so called experts and Internet visionaries, who were trying to ridicule micropayments as a feature from the past, a failed feature.

    Remember Clay Shirky or Chris Anderson and their "theories" about "free Internet" and "economy of networks"? Remember Bitpass or Peppercoin, and their critics? Unfortunately, was not better in this respect. Despite its name, it was often pushing the adversing-based model and ignored the new trends in micropayment technology and practice.

    I hope that now nobody doubts that “there is no such thing as a free lunch” and that no Internet-based businesses can operate for free (forever).