• December 2, 2009

Offers network Offerpal Media has launched a new program that lets consumers earn virtual currency for social games by buying from hundreds of online retailers. The company's "Offerpal Shopping" program allows users to get virtual money back for every dollar they spend online at stores including Proflowers, the Gap, Macys.com and Priceline.

Participants will typically be reimbursed the equivalent of 5% to 10% the value of their purchases in virtual currency that can be used in popular social games like Farmville and Mafia Wars. Early tests of the new initiative have shown a lift in both incremental revenue and payment conversions for partner sites, according to Offerpal.

The company recently hired a new CEO and has taken steps to clean up its business practices after a series of TechCrunch articles drew attention to the seamier side of offer networks including Offerpal. Last month, it released new advertising policies forbidding misleading or deceptive offers and providing guidelines for the kinds of offers it distributes.

Offerpal has raised almost $20 million in venture capital to date. --Mark Walsh