Facebook to launch Facebook Credits for India today

Social networking site Facebook will finally introduce a payment system ‘Facebook Credits’ for Indian users. Members can then spend the virtual currency across various games or applications on Facebook.

Facebook Credits is already a popula virtual currency in many countries.

Facebook will introduce a new payment system Facebook Credits in India from July 1,” a company spokesperson told media.

Starting July 1, we will require all social game developers on the Facebook canvas platform to process payments through Facebook Credits. Facebook Credits is currently used in more than 350 applications from 150 developers, representing more than 70 percent of virtual goods transactions volume on Facebook,” Facebook Platform Marketing Manager Deb Liu wrote on the company’s official blog in January

This will also help various brands, which use the medium of Facebook to retail them goods through their social pages. Many developers such as Zynga, Playfish, CrowdStar , Digital Chocolate, PopCap and Arkadium have already adopted Facebook Credits for in-game virtual goods.