Facebook: The Online Shopping Network?
Anyone who has been a Facebook user since the beginning knows Facebook from its simplest form- as a way to connect with new college friends and old high school buddies. Since then, Facebook has made significant changes and added various new features and uses, paving their way to social media success.
With the rise of Facebook Connect, the ability to share information with third party websites and applications, the social media site continues to grow. According to a recent post in Mashable, the next step in development for Facebook is integrating virtual currency with Facebook Connect.
How would this work exactly? First, a user would buy a certain amount of virtual currency (aka Facebook credits) from Facebook. The rest is easy! Simply use Facebook Connect to search for a favorite store or product, find what you are looking for on the site and click to purchase. At the moment, a user can purchase 100 credits for $1. So far, there is no information on the exchange rate or if Facebook Connect users will receive a discount on products. I know I am interested to find out though!
Sound a little like PayPal? Ben Parr, co-editor at Mashable and author of the post, says Facebook credits will give the original online payment service a run for its money. While Facebook virtual currency would resemble a system similar to PayPal, Parr writes that it would be easier and cheaper to do transactions via Facebook.
With the launch scheduled for September, that new item you want is no more difficult than a quick poke or “liking” something.
For more information on Facebook credits, check out the following articles:
Zynga and Facebook. It’s Complicated, via Bloomberg Businessweek
Facebook Currency to Launch in September, via Interactive.com
Facebook Testing Virtual Currency, via Business Insider
