PayPal and Facebook just got a little cozier with the launch of Send Money, an application on the social network that does what its name sounds like, and without transaction fees for users.

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The dollar? Meh. The euro? That’s so 1995. Facebook Credits is taking aim at becoming the new universal currency. And it’s starting with the web.

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Facebook has created an official subsidiary to handle payments.
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Putting down payment info online is the biggest turn-off for new social gamers… so Facebook has begun testing out a “pay later” option to get them into buying virtual goods.
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Facebook is adopting a new micro-payment system from PayPal for sales of its Credits virtual currency.
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Want to get an idea about the future of the payments industry? Taking a look at Facebook’s push for their Credits platform and the recent boom in in-app payment providers will help shed some light. As I highlighted on Friday, reduction of friction is the center of “innovation” right now on the internet. For payments, that means easier ways to make transactions. While new offerings, like SMS payment providers, provide solutions to expand the payments market, the most significant innovation in payments is instant, one-click, “buy now” buttons.
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Facebook has been in the process of testing their new payments system for the past few months and recently reached out to the developer community to request inquiries from those application looking to use test the new system. According to Facebook there are now 8 Facebook applications that are accepting Facebook Credits. The process of using Facebook Credits is fairly straight forward. Users of an application are given the opportunity to make a purchase for upgraded features or for virtual goods and then are prompted to checkout as pictured below.
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Facebook has publicly stated their intent to launch a payments platform and have even begun testing it with multiple application developers but one area where they’ve yet to integrate is their own products. While the company has tested a system which enables users to send credits, nothing has been released since those initial tests. One area where we see a ton of potential is Facebook events, which has become one of Facebook’s most popular applications.
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We’ve been saying for a while that Facebook’s payment platform is a huge opportunity for the company to start making serious cash but there’s one issue with that logic: the majority of users don’t have credit cards. While nobody knows the exact number of Facebook users with credit cards, the most recent estimates are that only around 30 percent of Facebook users 25 percent of internet users have access to a card. The other 75 percent either have a mobile phone, that they can pay with via Boku or Zong, or are out of luck when it comes to making an online transaction.
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Boku is a new service that helps application developers monetize their virtual currencies and is officially launching today. The company was started through the acquisition of Mobilcash and Paymo, two of the leading payment providers for mobile consumers. With less than 20 percent of Facebook users having access to a credit card, mobile payment solutions have become a critical component of application monetization.
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