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Facebook gives Credits the heave-ho

The social network has retired its virtual currency in favor of the real thing.


Facebook users now no longer have to dabble in Credits to buy virtual goods on the social network.

As of Thursday, Facebook has officially transitioned its payment system from Credits to local currency. The company introduced its Credits virtual currency a few years back to try to simplify online payments. But instead, the system made the payment process more complex for both developers and users.

The move to local currency is now expected to remove that complexity. Developers can now factor in local currencies in their apps and virtual goods to better price them for international markets. And users can more easily determine the true and fair value of items without having to worry about ever-changing currency rates.

While Facebook is cashiering its Credits, Amazon has only just begun minting its own virtual currency, Amazon Coins.

Developers should have already migrated their Facebook applications to offer local currency payments by using Facebook's API.

A simpler system also means that more developers may offer virtual items, and more users may buy them. As a result, the transition should help Facebook, which earns a 30 percent cut on each purchase.

See also: Why Amazon's virtual coins raise my hackles

(Via TechCrunch)