Facebook Credits could be our new universal currency
Facebook is on the verge of finding the elusive answer of how to fully cash in on its 500 million users scattered across the globe. Banner advertising has made them a chunk of change, but hasn’t generated much relative to the size of its audience, especially outside the US. Already in place in testing markets, the new Facebook Credits system could change that dramatically.
Credits, said to be launching in September, works by filling an account with cash and then using your credits to buy goods within games and apps with one click. There are already individual systems that do this across all the different developers’ platforms, but Credits will create one universal system that can be used with any affiliated developer or company’s goods.
You’re probably thinking that’s great and all, but there can’t be that many people paying for virtual goods instead of using their money for actual goods. In the US alone, $1.6 billion was spent on virtual goods in the past year. That number is rapidly growing. And with a new system in place that takes away the need to fill out new forms for every purchase, the barriers to buying are significantly lowered and spending will almost certainly increase even faster.
It’s not only virtual goods that Credits has can be used for. With wide scale adoption, it could create a whole new sales channel. Here are some ideas on how you might be using Facebook in the not too distant future.