Friendster Signs Deal With G-Xchange Inc. For Payment Solutions In The Phillippines

Posted Feb 11, 2009

Friendster Inc. is a social network that is big in Asia, but saw their market share in the U.S. plummet after Facebook and MySpace took over.  Friendster has launched support for users in the Phillippines and abroad to send and receive money through GCASH’s payment solution platform.

Friendster is the first social network to allow money transfer via a partner platform.  This service may be useful for Friendster’s 13 million active Phillippines members.  Friendster has about 95 million users worldwide.  But I only login to Friendster to delete spam messages that show up in my inbox via the social network.

In order to initiate the serive, login to Friendster and associate friends with their GCASH mobile phone numbers.  A GCASH account must be owned by both users involved in the transaction.  Transaction fees cost about P2.50.

“By enabling online money transfer, we’ve made it significantly easier for users in the Philippines and their family and friends all over the world to securely send money easily, affordably and quickly,” stated David Jones, VP of Global Marketing at Friendster. “With over 90 percent of internet users in the Philippines on Friendster and many Filipinos around the world, including overseas foreign workers, also on Friendster, millions can now transfer money with ease directly from their preferred social network.”

[via TMCNet]