In July of this year Facebook officially launched Facebook credits, in order to boost its revenue. Currently, this payment method is applicable to 13 countries, which includes India. This development will ensure that all applications running on the Facebook platform will now have to process their payments exclusively through Facebook credit. The revenue model lets Facebook pocket 30% of the generated revenue, while the application developer gets 70%.
Asia has been one of Facebook’s fastest growing and most lucrative markets in 2010 and the first-half of 2011. Keeping this in mind Facebook has decided to partner with MOL AccessPortal. Indian Facebook users can now purchase Facebook credits through MOLPoints. One can buy prepaid Facebook credits online on MOL.com or offline at a MOL store. MOL AccessPortal deals with upward of 60 million transactions on an annual basis, plus they have a network of more than 600,000 payment collection points.
In a country like India a small percentage of users own credit cards and those who do are still skeptical about online payments, which has been the main method of purchasing Facebook credits so far. Facebook’s partnership with MOL AccessPortal makes further sense keeping this scenario in mind.
Besides MOLPoints, Facebook users can also buy credits through other outlets likeMoneybookers or Western Union QuickPay, in India. MOL’s CEO, Mr. Ganesh Kumar Bangah points out that social gaming and social networking has grown at an incredibly fast rate in Asia, with India being one of the frontrunners. He believes that MOLPoints will make it more convenient for consumers to safely purchase a virtual currency like Facebook credits.
Facebook also wants to target the mobile devices domain, which has huge potential of revenue generation. By making Facebook credits the mandatory payment processing option, Facebook will effectively negate Apple and Google. Normally when a virtual good is sold over a mobile web browser on the Facebook platform, the commission goes to players like Google (who run the Android platform) or Apple (who run the iOS platform).
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