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Facebook to launch 'Credits' in September


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Facebook is planning a full launch of its virtual currency "Facebook Credits" in September to become the default online currency like PayPal, mad.co.uk has reported.

Currently in a test phase, Facebook Credits is likely to be rolled out to all users and developers in September. Credits will be aimed at virtual goods such as games, initially, but will eventually let consumers buy physical goods as well.

The virtual currency is likely to provide big opportunities for consumer brands to offer transactions on Facebook and throughout the web using Facebook Connect.

Credits accounts will allow topping up with any credit card and will charge a merchant 30 per cent commission.

A Facebook spokeswoman said the network is exploring ways of letting people use their Credits with third-party applications and games on the site.

Meanwhile, the social networking site also announced that it is closing down its Gift Shop on 1 August. Through the service, users could send virtual gifts to their friends.

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