Friday, July 31, 2009

Facebook Sees Profits in New Payment System

As Facebook continues to both grow and avoid profitability, can the social networking site make money by employing a site-wide e-commerce platform? As social networking use continues to increase at a staggering rate, is Facebook on the way to decreasing its reliance on ads as it attempts to achieve profitability? It appears that may be the case, if the social networking site can successfully employ a unified payment system for virtual goods used in games at the site, therefore putting the company in a position to get a slice of the revenue. Facebook began early roll-out of an internal payment system allowing members to buy "credits," then use those to purchase virtual goods from third-party applications, such as games, that run on the site, according to the Financial Times Web site.
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