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Retail

Facebook introduces local currency support

Facebook introduces local currency support

Wed 20 Jun 2012 7:50am GMT / 3:50am EDT / 12:50am PDT
RetailOnlineSocial

Facebook Credits on the way out as social network launches new monetisation options

Facebook will introduce local currency support in a move that will render its proprietary Credits system almost irrelevant.

Facebook Credits were introduced in 2009, but developers have tended to use introduce their own virtual currencies for in-app purchases. As a result, Facebook is switching focus to real-money transactions.

"By supporting pricing in local currency, we hope to simplify the purchase experience, give you more flexibility, and make it easier to reach a global audience of Facebook users who want a way to pay for your apps and games in their local currency," a post on the company's blog reads.

"With local pricing, you will be able to set more granular and consistent prices for non-US users and price the same item differently on a market-by-market basis."

Facebook believes the transition - which will occur within "the next few months" - to local currencies will be "seamless" for users, and any existing Credits balances will be converted automatically into the appropriate currency.

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