Virtual currency plans for social network

This September, the social networking site is to launch "Facebook credits" that will allow users to trade physical and virtual goods across the social network and become the default online currency within the platform. The system will be similar to that offered by eBay's online payments firm PayPal.

Currently in a test phase, the Facebook credits system is likely to be rolled out to users and developers this September. Initially, credits will be aimed at virtual goods such as games, but consumers will eventually be able to purchase physical goods as well. Virtual currency will present opportunities for consumer brands to offer transactions on Facebook and throughout the web using Facebook Connect.

Credits accounts will allow topping up with any credit card and will charge a merchant 30% commission.