Facebook Creates Payments Subsidiary

A spokesperson for Facebook confirmed the move in an email, saying, “As is common in many company structures, we have established a subsidiary called Facebook Payments Inc. that helps handle payments to developers related to our Facebook Credits program.”

Some speculate that the subsidiary could expand beyond Credits, simply because the incorporation documents use very general terms about Facebook Payments’ business plans: “The corporation is organized for the purpose of transacting any or all lawful business.”

Facebook Credits has already extended somewhat beyond that social network through several applications, including programs that convert the currency for use on other websites, and stored value cards sold by a growing number of retailers.

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