- Report: Facebook Planning Its Own Virtual Payment System

Tameka Kee
Tuesday, May 12, 2009; 12:07 AM

Tired, perhaps, of getting shut out of the millions of dollars being spent on virtual goods and social games that run on its platform, Facebook plans to test its own micropayment system within the next few weeks. Full details about the system are scarce, but sources tell VentureBeat that the test only involves a few developers, and that, of course, users will be able to pay for things with real money.

VentureBeat suggests that the platform could include a "universal currency" linked a user's login, meaning members would only have to enter their payment info once to conduct transactions on Facebook, in apps and on third-party sites accessible via Facebook Connect.

We're all left speculating because Facebook hasn't confirmed (or denied) the report, but the idea that there's some kind of payment platform in the works isn't that hard to believe?especially since COO Sheryl Sandberg acknowledged that it was time for the network to "execute" and deliver a solid return on investment for backers like Microsoft.

Photo Credit: pshab


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