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Facebook Credits

A form of virtual currency in Facebook that can be purchased (with real money) in order to acquire virtual goods and services within a variety of Facebook Apps and Games.  Facebook credits can be purchased using a credit card, PayPal account, mobile phone, Facebook Credits gift card or one of more than eighty other payment methods, and the credits can be used on any game or app on Facebook that supports Facebook Credits.

For developers, Facebook Credits operate on a payment model similar to Apple's App Store and Google's Google Play (formerly Android Market) mobile app stores, with developers keeping 70% of the revenue generated from virtual goods transactions using Facebook Credits.

In a rather surprising move, Facebook announced in June 2012 that they would be phasing out the Facebook Credits system.  While the social networking site is dropping the Facebook Credits name, it plans to retain its payment processing system and will enable developers to use their own in-app virtual currencies instead of Facebook Credits as well as charge subscription fees for apps.

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