Facebook announced it will replace its Facebook Credits system with a payment system that allows global users to pay in their local currency.
The move signals the beginning of a payment rivalry between Facebook, PayPal, Google Wallet, and iTunes, reports VentureBeat.
Facebook explained the move, saying that it makes “it easier to reach a global audience of Facebook users who want a way to pay for your apps and games in their local currency” because “you will be able to set more granular and consistent prices for non-U.S. users and price the same item differently on a market-by-market basis.”
VentureBeat contributor Rocky Agrawal noted that “Facebook is PayPal on steroids, with the strength of a billion members.”
Perhaps this move, and not advertising, is the most effective way for Facebook to monetize its massive user base.
Facebook announced it will replace its Facebook Credits system with a payment system that allows global users to pay in their local currency.
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