Facebook is to abandon its Credits virtual currency platform in favour of a system which allows developers to be paid in a local currency of their choosing.
Indeed an interesting turnaround, which is proving that even with as much brand presence as Facebook has, cusotmers and merchants may still chose to use the payment instruments which they prefer over the ones that are being mandated on them. I think it's
a good move, meaning facebook can focus on its core strenghts and let the retailers choose what they prefer locally. Emoney regulation and licencing might have had something to do with this decision also..
Not only that but it attracted fraudsters.
One of my over-60 employees who swears she has never used Facebook in her life found that her Business Mastercard had been used 5 times in 1 month to purchase Facebook Credits in USA & Ireland.
But by the time the Card Statement arrived, Facebook must have detected them or been forewarned, because 4 of the 5 transactions had been reversed out, and when I contacted Facebook about the 5th (Facebook insists you have to have a Facebook Account in order
to complain about rogue card transactions - how illogical of them) they reversed it out within 24 hours - but it must have been a right pain for them.
Competitive base, double OTENew York City, NY. USA
© Finextra Research 2015