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.
Stay up to date on the latest developments in Internet terminology with a free weekly newsletter from Webopedia. Join to subscribe now.
Webopedia's student apps roundup will help you to better organize your class schedule and stay on top of assignments and homework. Read More »List of Free Shorten URL Services
A URL shortener is a way to make a long Web address shorter. Try this list of free services. Read More »Top 10 Tech Terms of 2015
The most popular Webopedia definitions of 2015. Read More »
The Open System Interconnection (OSI) model defines a networking framework to implement protocols in seven layers. Use this handy guide to compare... Read More »Computer Architecture Study Guide
This Webopedia study guide describes the different parts of a computer system and their relations. Read More »What Are Network Topologies?
Network Topology refers to layout of a network. How different nodes in a network are connected to each other and how they communicate is... Read More »