Facebook Inc (FB) Shuts Down Credits

Posted Sep 13, 2013

Facebook Inc (NASDAQ:FB) has ended the Credits currency, which is used for buying virtual goods.  Facebook transitioned from the Credits currency to local currency.  Facebook launched the Credits virtual currency several years ago.  At the time, Facebook believed that this would simplify the process for developers.  However, it made the process to integrate currency into apps more difficult.

Developers can now integrate payments into their apps and virtual goods to better price them for international markets.  Users can also easily determine the true and fair value of virtual goods without having to worry about changing currency rates.  Now that developers don’t have to work around Facebook Credits, it is possible that they will offer more virtual items.

Facebook currently generates 30% on every purchase.

[Source: CNET]