Facebook Credits were once viewed as a path to global domination, a currency used by 900 million people with Facebook automatically getting a 30% cut everywhere. This week Facebook suddenly announced that Credits are being phased out. All Things Digital explained how Credits had proven too cumbersome in a global context given that developers were also developing their own internal currencies. In some instances users were being asked to convert their local currency to Credits and then convert Credits to FarmVille Cash. The NY Times Bits Blog provided a quick overview and Facebook published a FAQ on the change in monetary policy. Marketing Land took a look ahead at the role of the Facebook payment system for partners and marketers looking for ways to make money with the world's largest social network.
Any possible concern that Facebook might be moving away from payments was squashed by the parallel announcement that they were implementing subscription payments, opening up important streams of recurring revenue. In a week when even PayPal was earning praise for an eye pleasing redesign there was no shortage of opinions stating that online payment systems are still being valued quite highly.