I’m at the GSP East conference listening to the Facebook Poke Back platform. They have just said that they are going to be rolling out a way to make payments from within Apps. When Dave Mclure, the panel moderator, asked when this feature would be avialable no date was given. Dave McClure pushed that if they don’t push the feature out by the end of the year he will take it as a “Vapor” feature.

Having a way to make payments from within the application would mean that giftbox like facebooks own would be a possible. That monitization option would make it possible to create gaming like situations which companies like SocialCash are hoping to capitalize on by Cost Per Action payouts to the app developers.

The panel consists of Benjamin Ling, Dave Morin, Ruchi Sanghvi, Josh Elman, and Dave Mclure as moderator.

Most of the talks here at GSP East are about how to monetize social network applications. The honeymoon phase is over and developers are feeling the pain of seeing a million plus users on their application and not a cent from the activity. Which is why I was interested when i heard that SocialCash had a way to monetize your application.

SocialCash, which launched today, gives developers a point system called PointCash which can be turned into a virtual cash system for implementing gaming properties in an application. Think World Of Warcraft where instead of getting gold for killing a rabbit with 5 legs to buy a fire-sword, you get in game currency for signing up for netflix for 6 months. Upon signing up for a service you are given a share of the revenue and the social application user is given some point which can be used to purchase virtual goods which are implemented in your application.

The PointCash system provided by SocialCash is smart way to monetize. Gaming is a great way to increase the virility and stickyness of an application and then to have a system to easily pipe the in game point system to a revenue flow is a great boon for developers. Facebook applications have high user engagement and in such situations users are not interested in clicking on simple banners or link.

Course if you’re old school, SocialCash still provides a system for placing banner ads on your application called BannerCash which are targeted to your users. If you’re a developer of a social application and are looking to monetize your application and increase the addictiveness of your application. Definitely take a look at SocialCash.

The point system model is one that’s been in video games for years and it’s because it works! For that reason alone I would think that developers would flock to this service.