(2010-09-20) Facebook Vs Virtual Money Competitors

FaceBook is making a play to become the dominant player in virtual currency — the funny money you use to everything from digital magazines to Farmville turnips. It’s already a billion-dollar business in which Facebook, the world’s largest social network, will face stiff competition from other behemoths like Apple Computer, Google and PayPal. Facebook already has a big advantage over those companies: a virtual currency, FacebookCredits, that works across different apps rather than being tied to one specific app or another. (Virtual Money)

Jun'2011: FacebookCredits officially launched.

Aug'2013: Facebook is testing a way to make paying with a Credit Card easier, but it works with PayPal, not against it as All Things D wrote. The feature pre-fills credit card and billing info for making easier purchases through PayPal, Stripe, Braintree or other payment processors in third-party mobile apps. It’s not a payment processor itself, but could help Facebook prove the ROI of its ads.

Sept'2013: mothballed largely because of Foreign Exchange confusions.