Over 150 developers used Facebook Credits in more than 650 Facebook games and applications, which represented over 70% of virtual goods purchased on Facebook. Facebook Credits was officially removed from Facebook in September 2013. Users with credits will see them converted into their own currencies. In June 2012, Facebook announced it would no longer use its own money system, Facebook Credits. In March 2011, Facebook created an official subsidiary to handle payments: Facebook Payments Inc. By the end of 2010, it was expected that Facebook users would purchase Credits to pay for the majority of virtual goods sold on the social network. Credits is a single currency that can be used in multiple games and applications, and its introduction led former PayPal executives to comment on whether or not Credits could soon replace PayPal as the leader in virtual payments.

įacebook retains 30% and developers get 70% of all revenue earned through Credits. At that time, Facebook announced all Facebook game developers would be required to process payments only through Facebook Credits from July 1, 2011. įacebook Credits went into its alpha stage in May 2009 and progressed into the beta stage in February 2010, which ended in January 2011. Facebook deprecated Credits in favour of users' local currencies. Facebook was hoping eventually to expand Credits into a micropayment system open to any Facebook application, whether a game or a media company application. dollars, pound sterling, euros, and Danish kroner. Facebook Credits were available in 15 currencies including U.S. dollar was the equivalent of 10 Facebook Credits. Facebook Credits for sale at a Target store in Colorado Springs, September 2010įacebook Credits was a virtual currency that enabled people to purchase items in games and non-gaming applications on the Facebook Platform.

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