socialmedian: Facebook to test payments system with developers “in a few weeks”

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Facebook to test payments system with developers “in a few weeks”

Source: VentureBeat

May 12, 2009

Summary

Developers may be making tens of millions of dollars through games and virtual goods on Facebook’s platform, but the social network itself hasn’t had a way to get a share of that money. This may be about to change, as it plans to begin testing a payments system with developers in several weeks, according to industry sources. This product has been described to me as involving some sort of system that can use real money. A source close to Facebook confirms the timeline for the test, saying that it will be a “small, alpha test” and adding that details of what the test product will include are still being worked out.

It could end up being pretty big. Facebook could potentially offer a universal currency for Facebook applications, as well as other sites on the web that use Facebook data, making a single trusted payment method that users and developers would feel comfortable using for anything from virtual goods purchases to actual products. This could benefit developers, as Facebook users would only have to enter payment information a single time (when they give it

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