Facebook’s Virtual Currency Undergoing Alpha Test

    July 16, 2009

Facebook’s version of a virtual currency system is finally getting off the ground.  Facebook Credits can now be used in conjunction with third-party applications, and not just the official Gift Shop.

Justin Osofsky"We are currently conducting an alpha test in which select applications can accept Facebook Credits from users," Justin Osofsky announced late yesterday on Facebook’s Developer Blog.  "Our 250 million users can now buy Facebook Credits in 15 currencies . . ."

Facebook’s apparently looking to expand the test, too, since Osofsky then continued, "If you are interested in accepting Facebook Credits in your application, please let us know by responding here."

We’ve heard rumors (and even supposed confirmations) concerning Facebook’s currency system before, but this still counts as a significant step.  As Osofsky hinted at by mentioning Facebook’s 250 million users, the system may eventually be able to rival things like Google Checkout and PayPal.

Also, the monetization opportunities should make Facebook Platform much more appealing to developers, who might in turn be able to attract still more users.

This should be worth keeping an eye on.  Feel free to voice your thoughts on Facebook’s virtual currency system below.