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Facebook Going Big With Virtual Payments

The Business Insider says it has "Revealed!" Facebook's plans to double its revenue, by giving users of its most popular game -- Zynga's FarmVille -- the ability to buy virtual goods -- in this case, tractors and seeds -- using "Pay With Facebook." In other works, Facebook will become the default payments system on its application platform. And, with 75 million monthly active users and 25 million daily active users, FarmVille is big business.

As such, according to The Business Insider, some execs even think payments revenues can match or exceed Facebook's ad revenues. "Pay With Facebook" is already an option for games icluding Zynga's "Pirates: Rule the Caribbean!," Playfish's "Restaurant City," and Crowdstar's "Happy Aquarium." For the service, sources tell The Business Insider that Facebook plans to charge developers about 30% per transaction.

Read the whole story at Business Insider »

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