01:25 am - Tuesday 22 August 2017

Facebook credits being phased out

By insightVAS - Sat Jun 23, 2:24 pm

Facebook has updated its payment terms for both users and developers following  announcement that it will be phasing out Facebook Credits, a virtual payment method that once showed the potential to become a universal currency system, in a move to broaden the social network’s share of online commerce.
Now app and game delvelopers will be able to accept payments in local currency, i.e. US dollars, British pound, Japanese yen, etc. Besides this, it has also introduced subscription plans for media and entertainment companies. Until now Facebook Credits were used by social-game players to buy virtual goods.
Overall, the new policies are more comprehensive and better organized, which is important as the number of users and developers who use Facebook’s payments platform expands over the next year to include more non-game transactions.
For users, the social network added more information and terms about various payment methods, and made it clearer that users under 18 cannot use Facebook Payments only with the involvement of a parent or guardian. The age stipulation was previously one of the final points on the user terms page. Now it is in the second paragraph. The payment methods section, including a definition of Facebook Credits, is completely new where the company expanded its payments terms to explain its policy around gift cards and introduced terms around mobile billing.

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