Facebook and PayPal have joined forces to offer online payments system to users for helping them buy several virtual goods on the social networking website.
The partnership would also let the advertisers buy adverts on Facebook’s online advertising platform via PayPal, the popular eBay-owned currency swap platform.
The idea is to employ the online payment system to help Facebook users purchase credits on the website to use them in buying flurry of virtual goods, including e-cards, digital songs, to name a few.
As of now, Facebookers can spend their credits on the website’s signature gift shop, as well as on different third-party apps beta testing such online currency.
Dan Levy, Facebook’s director of payment operations, hailed the partnership by saying: “As our business has grown, offering local methods of payment has become increasingly important for advertisers who want to buy Facebook Ads. Teaming with PayPal, a global leader in online payments, makes this possible”.
PayPal has been of late emerged as a trustworthy way of payment for those who don’t have credit cards. The move marks Facebook’s further stretch into the e-commerce domains.
The service operates in around 200 countries and deals in 24 different currencies, something that could be useful for Facebook in exploring international markets.
Citing its mammoth user-base and rapidly surging popularity, this would apparently be a lucrative move for the social networking bellwether. Facebook has more than 400 million active users worldwide, something that Paypal cannot be ignored.