Reuters: US Dollar Report: UPDATE 1-Facebook pegs payment service to currencies

Reuters: US Dollar Report Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Facebook pegs payment service to currencies Jun 19th 2012, 21:17 Tue Jun 19, 2012 5:17pm EDT SAN FRANCISCO, June 19 (Reuters) - Facebook Inc is updating its payments service so that it supports pricing in local currencies instead of the special Facebook "credits." Facebook said the change will "simplify the purchase experience" for the 900 million users of its social network, which generated 18 percent of its revenue from transactions in the first quarter. Facebook also said it will allow app developers to sell users "subscriptions" for certain services on its social network beginning in July. The previous Facebook Credits system only supported one-time purchases by users. Facebook said it will convert its users' existing balance of Credits into the equivalent amount in their local currency and that any games or apps that sell virtual items will be required to use local currency by the end of the year.

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