Facebook Credits to Become Mandatory for Virtual Transactions

Facebook has said that all game developers on the social network must start accepting its Facebook Credits as payment, a step towards making the credits the default payment system on the social networking site.

Facebook Credits can be used to make purchases such as digital goods for games. You can purchase Facebook Credits with a credit card.

Game developers will still be allowed to use their own in-game currencies, but these transactions would have to be processed with Facebook Credits, The Wall Street Journal said. The new rules come into effect on July 1.

The credits could represent a major source of revenue for Facebook, which currently earns most of its revenue through advertising. The site takes a 30% cut of all transactions in Facebook Credits, compared with the roughly 3% cut charged by sites like eBay (EBAY) and PayPal.

Facebook Credits are currently used in more than 70% of the transaction of virtual goods on the site, as measured by volume.

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