FaceBook meets PayPal

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First, there was a promise that Facebook data will never been shared on other websites, then that changed with the launch of Facebook Connect. That platform allowed users to log in via FaceBook and share information. The next advance to this platform was the launch of FaceBook Connect for the iPhone. Now we have word FaceBook is looking to create a new virtual currency. When you mash the two, virtual currencies with Facebook Connect, this could make Facebook be a new marketplace for payments, as a new player against PayPal. Instead of requiring a credit card for purchases, a user would spend virtual currency purchased before hand. Then users would be more accepting of spending money on the Facebook website. The transaction fees and increased spending on Facebook could alone bring a significant amount of revenue. There have been many ideas floated for how FaceBook can harness 175 million people into cash. This might be the model to push; they have users, who are fans, or friends, of companies and brands. Direct purchases and advertising through Facebook would appeal to corporations both big and small. This would also be a way for special Facebook user only promotions to be sent through the application. The possibilities are endless from a FaceBook credit card, to a third party application that you could use FaceBook Bucks for a purchase at Amazon, much like you can with PayPal today.

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