Facebook has been pushing their Credits product heavily over the past few weeks and this evening the company announced a partnership with Asia payment service provider MOL. MOL also is the owner of Friendster.com as well as other social networking portals in the region. This partnership will give Facebook a new distribution channel for Credits which includes the ability to sell Credits through MOL-owned websites as well as “7-Eleven stores and cybercafes” in the region.
This is a major deal for Facebook as MOL’s network has “more than 500,000 outlets, which are mainly in Malaysia, Singapore, Indonesia, Philippines, Thailand, India, Australia, and New Zealand”. While Facebook may not be making a lot through their Credits Platform right now, becoming one of the leading virtual currency providers appears to be a major priority for the company. With a standard 70/30 split with a number of large developers, Facebook Credits will be gaining significant traction in the coming months.
This partnership will definitely accelerate the company’s growth. We’ll be covering the ongoing expansion of Credits as it becomes a global virtual currency platform.