How To Buy Facebook Credits With Paypal
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How To Buy Facebook Credits With Paypal
You can pay for the gift card using PayPal or a debit or credit card. You must also enter your full name and the email address where Facebook will send the digital gift card within 24 hours. If you want to send the gift card as a present, enter the full name and email address of the recipient.
Will Facebook Credits become the next PayPal Recent moves are bringing the nascent virtual currency closer into competition with payment providers like the eBay-owned site, as well as Apple and Amazon.
Last week, Facebook and Zynga announced that the five-year deal over Credits they had signed last May was an exclusive one, meaning Zynga's games on the site will exclusively use Facbook's coinage. Facebook has set up similar deals with all the other major social game developers like CrowdStar, Disney's Playdom and RockYou. Electronic Arts' Playfish has been testing Credits as well, and will probably follow suit. But Zynga is certainly the biggest, with an estimated revenue run-rate of around $600 million, according to Business Insider.
This isn't the first time the idea of Credits as a major competitor to payment providers has surfaced. Former PayPal executives debated over the question-and-answer site Quora in June about whether Credits could replace PayPal. But with this latest announcement with Zynga, it looks like Credits has its ducks lined up in a row.
Sales of virtual goods in 2010 will be about $1.6 billion in the U.S., Inside Facebook estimates in a report, with $835 million of that coming from social games. The vast majority of that $835 million is likely coming from Facebook games. Now that the social network has most of the virtual goods sales from social games using Credits, $700-800 million in annual virtual good sales could be conducted now through Credits. (Worth clarifying here is that Facebook's actual cut of sales of Credits is 30%, leaving the developers the rest.) Analysts expect virtual goods sales to continue to grow, so Facebook could close in on $1 billion in Credits transactions soon. In comparison, Apple's iTunes, which sells digital music, movies and other media, topped $1 billion in sales last quarter. But iTunes has been around since 2003, far longer than Credits.
Another arrow in Facebook's payment quiver: Facebook Connect. Connect's application programming interfaces (APIs) have extended the social network beyond its own site onto other sites and applications across the Web. Basically, your user credentials from Facebook travel with you while you're visiting Connect-enabled sites. Combined with Connect, Credits could enable the holy grail of payment providers -- allowing convenient, trusted, one-click transactions across the Web. This is something even PayPal can't do, as users must authentic themselves on its system each time they make a transaction on a third-party site.
Former PayPal chief operating officer David O. Sacks is doubtful that Facebook will replace PayPal. He argued on Quora that PayPal is a low-cost payments provider because most of its payments are funded from a PayPal balance or bank account, cutting out the funding costs incurred by credit card transactions. Facebook doesn't have all those bank accounts, so it has higher costs associated with transactions. In addition, Facebook takes a 30% cut of all Credit transactions. All this adds up to lower margins for businesses on Facebook.
But Terry Angelos, co-founder and chief product officer of TrialPay, disagrees. "That's like saying that credit cards can't compete with cash because cash is a low-cost provider. Why did over $1 trillion move through Visa, then Merchants accept Visa not because it's the low cost provider but because it brings them more sales, and consumers use it because it's more convenient." TrialPay is an advertiser network provider built around online payments and is used by Facebook Credits.
Another criticism leveled against Facebook as a payments provider is its lack of ex