Facebook creates payments unit

Facebook creates payments unit

Social networking giant Facebook has set up a payments subsidiary, registering it in various US states.

Facebook has been looking to the payments business as a way of diversifying its revenue stream, introducing its own virtual currency, Facebook Credits, in a bid to tap the fast growing social gaming market.

Earlier this year it outlined plans to force all social game developers to use Facebook Credits for payment processing, opening up a massive potential revenue stream.

In a move spotted by Digital Transactions, the company also moved to incorporate a subsidiary in Florida in December called Facebook Payments Inc.

Business Insider notes that Facebook CFO David Ebersman, general counsel Ted Ullyot, and vice president, business development Dan Rose have been named as directors and the firm is looking to hire a controller for the new unit.

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