Facebook has begun tapping a new revenue stream with the introduction of an internal payments system, a move that might help the fast-growing social networking website achieve profitability while being less reliant on advertising.
The long-rumoured payments system, which is in its early stages, will allow users to purchase Facebook “credits”, then use those credits to buy virtual goods from the third-party applications that run on the site, or from Facebook itself.
Facebook hopes that by offering a site-wide currency it will encourage more commerce on the website. By serving as the payment provider, it will capture a percentage of every transaction.
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