A Running Summary of Facebook’s Virtual Currency Tests

Facebook has been conducting a variety of virtual currency-related tests over the last few months – so many that it can be hard to keep track of them all. So we’ve pulled them all together into one list so you can easily find the details you’re looking for. Check out the comprehensive list below:

facebookgifts1. Facebook Exchanges Dollars for Credits

Late last year, Facebook first kicked off its virtual currency in the Facebook Gift Store by changing the units on prices of virtual gifts from US dollars to Facebook Credits. While Facebook initially pegged credits at USD $0.01, the company has since adjusted the exchange rate to USD $0.10 per credit.

pay-with-facebook2. Facebook Payments Merchant Program

In June, Facebook started rolling out its “Pay with Facebook” payments service for application developers, which allows developers to accept Facebook Credits as a form of payment for virtual (or physical) goods inside their applications. So far, only a few applications are live with the test, which is still in its early phases.

credit-gifting3. Virtual Currency Gifting in the Feed

While historically Facebook credits have only been used to purchase virtual goods from Facebook or application developers, in April Facebook began experimenting with a way for users to give credits to each other in the context of content they have shared. For example, if your friend posts a link that you like, you can either leave a comment, “like” it, or (now) give them virtual currency in response.

credit-gifting-brands4. Virtual Currency Gifting with Branded Virtual Gifts

One month later, Facebook expanded its virtual currency gifting program to branded virtual gifts. In this test, branded virtual gifts are bundled with Facebook Credits, so that when users give the gift to their friend, a “+10 provided by Facebook Gifts” message appears next to the gift as well. The credit bundling text was expanded to gifts in home page engagement ads a couple of weeks later.

credits-international-currencies5. International Currency Expansion

Facebook recently enabled users to purchase Facebook Credits in 14 different world currencies. Now, Chilean users who want to buy Facebook Gifts can pay $541 Chilean pesos instead of $1 US dollar. Facebook isn’t adjusting the prices of virtual gifts for international currencies.

6. Developers in the Gift Shop

While the Facebook gift shop has traditionally only sold virtual gifts from Facebook, now developers are being added to the mix. In the case of virtual gifts, the price will usually be 10 Facebook Credits or USD $1, the same price as most virtual gifts created by Facebook. However, physical gifts – for instance, say a dozen roses – might cost up to 500 Facebook Credits, or USD $50.

mobile-facebook-credits7. Mobile Payments for Facebook Credits

Just recently, Facebook began testing an alternative payment method for purchasing Facebook credits for the first time with mobile payments provider Zong. Now, users can bill Facebook Credits to their cell phone bill – but credits cost twice as much when purchased via mobile than when purchased via credit card.

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Leave a Reply

11 Responses to “A Running Summary of Facebook’s Virtual Currency Tests”

  1. Jerry Jewett says:

    I cannot get into Facebook because I keep receiving a pop-up that says:
    “Incorrect Email / Password Combination”

    My Password is: boards

  2. Facebook Looking At Payment Processing | MrWebMarketing - Motivational Speaker | Guest Speaker | Keynote Speakers - Internet, Facebook, Twitter, Blogging says:

    [...] outlines their testing of this here. They seem [...]

  3. Facebook Looking At Payment Processing | SEO Hardcore says:

    [...] outlines their testing of this here. They seem [...]

  4. Virtual Goods Market: Facebook Tests Mobile Payments; Farmville’s Rise to Power « Viximo Virtual Goods Market Blog says:

    [...] [...]

  5. Facebook’s Latest Virtual Currency Test: A “Credits Enabled” App Directory says:

    [...] has also been busy testing out other virtual currency features. Last week, it also introduced a way for people to buy Credits through their phones, in partnership [...]

  6. Facebook: 300 Million Monthly Active Users, “Free Cash Flow Positive” says:

    [...] it continues to invest heavily in brand advertising efforts, and it also continues to release many experimental expansions to its virtual goods and virtual currency business, Facebook Credits. The company is also still deriving revenue from its advertising deal with [...]

  7. Facebook’s Big Advertising Experiment Drives New Revenue « Real-Time OutSource Blog (Social Media Marketing News) says:

    [...] we expect Facebook to keep experimenting with its young “Credits” virtual currency system. But, for now, the company appears happy to let the ecosystem of social gaming companies, mobile [...]

  8. Facebook Expands Virtual Goods Business with Licensed Music and Sports Gifts says:

    [...] business as much as it has growing its brand and performance advertising businesses, it has been steadily rolling out more features over the last year, including its own virtual currency, designed to lay the groundwork for Facebook’s future [...]

  9. Facebook currency platform expanding? « Lost Press Marketing Blog says:

    [...] to Facebook credits.  The current exchange rate is a fixed rate of UDS$1 = 10 FBC which was a slight discount to the initial UDS$1 = 100 FBC when it was originally [...]

  10. Facebook consigue cash flow positivo y alcanza 300 millones de usuarios | GurusBlog says:

    [...] y 75 millones de dólares de los productos y monedas virtuales [...]

  11. Comercio electrónico: tendencias 2010 | Viva el Pixel says:

    [...] Puede que  la tendencia más importante del año pasado, en el comercio electrónico,  fuera el Social Commerce.  Y este año seguirá asentándose, por lo que la integración de las soluciones de comercio electrónico con las redes sociales es imprescindible. Gracias a las redes sociales es posible simplificar los procesos de autentificación, dar más valor a los comentarios, mejorar la atención al cliente, etc.  Incluso a corto plazo, quizás, facilitará los procesos de compra gracias a métodos de pago alternativos como Facebook Currency. [...]

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