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How will sir pay? Facebook credits, that'll do nicely

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Facebook has launched an internal payment system using virtual currency to get its members to pay for various virtual things on the site.

Facebook Credits are 10 for a dollar and can be exchanged for various virtual gifts which you can send to your virtual mates. Credit can be topped up using American Express, Mastercard and Visa.

It might seem like madness to get people to pay real money for virtual objects, but it is how many of the original social networks succeeded.

The Reg visited social networking site Cyworld in South Korea back in 2006, which was then bringing in 80 per cent of its revenue from charging for stuff like wallpaper and background music for its users "minihompy", or mini-homepage.

At the time the site was used by 92 per cent of South Koreans 20-somethings and had over 22bn page impressions a month. It brought in ten per cent of revenues, which were £115,000 a day, from mobile services.

Facebook has a Q&A here. ®

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