Facebook Boosts Payment Business

June 20, 2012 Debbie Jacobs In the News

The Wall Street Journal has revealed Facebook’s plans to expand its payment business.

“Facebook Inc. is seeking to strengthen the no-nadvertising side of its business by enabling users worldwide to make payments on the social site in local currency and letting application developers charge on a subscription basis.

“Facebook, of Menlo Park, California, said on a company website Tuesday that allowing payments in local currency should make it easier for developers who might otherwise be penalized by a system pegged to the U.S. dollar reach international users.”

-John Letzing, Wall Street Journal

The payments will also be offered as a monthly subscription. This will provide them with a “recurring revenue stream and offer updated content or premium experiences for a monthly fee.”

Such subscriptions will provide revenue for the online tool as well; 30% of the income are collected by Facebook.

Facebook Payment Business, Facebook Subscriptions, John Letzing, Social Media, Wall Street Journal,

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