Facebook is consider as one of the popular social networking site and now is introducing its new internal payment system in order to make their site even more like a sopping portal. This payment system that been created allow the users be able to buy the Facebook credits and at the same time use those credits to purchase virtual goods from the third part applications that will continually run into the site through taking a certain percentage for every transaction. As of now, it’s been estimated that Facebook got about 300 million registered users from around the globe. With that, Facebook is hoping that through offering a site wide currency it could support of becoming a shopping portal through encouraging the commerce in the website and making money on by taking some percentage for every transaction.

Although that this payment system was already been tested for about three applications but its still expected to rolled out widely for the next more weeks to come. According to Facebook leading counsel product who is Joe Sullivan stated that Facebook will continually provide a free service. Since, these payments system terms would only just govern to any purchase that been made in the site. As well, the Facebook is currently drafted new terms of condition upon using this payment system for the simplification of using the payment related terms and bringing together the user in one place that provides them flexibility of try using new features. As of now, the payments are only available for two ways on its site. One can be done with Facebook Gift Shop where in the user can be able to purchase credits in order to buy gifts for their friends. While the second is through purchasing an advertisement with online Facebook Ads system and users may be able also see the credits that appear on other ways of the site.

Most of the Facebook users are increasingly spending real money upon purchasing these virtual goods and even applying the credits that runs in the Facebook platforms. According to Bruce Cundiff who is the director of payments research and consulting at Javelin Strategy and Research stated that the payments platform could support positioning the Facebook of becoming an essential ecommerce player. Just recently, its been estimated that Facebook platform developers like the Zynga are now expecting to create more than $500m within this year. As well, some experts that include Ray Valdes who is an analyst to Gartner Research stated that the revenue from this payment system of Facebook would eventually represent the one third percentage rate of the entire Facebook income.

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