At some point I knew someone would figure out why GS was so interested in Facebook and why Facebook credits are the potential new coin of the realm. And so it goes, Ben Kunz writes, “Facebook, Your Future Bank: Forget sharing photos. Mark Zuckerberg may soon manage your finances.”
Ben goes through the background that everyone should know, Facebook is huge, online and on the smartphone, and they are creating a virtual currency called Facebook Credits that they now force app developers to use when creating Facebook apps. Ben notes, “You can now purchase gift cards for Facebook Credits at Wal-Mart (WMT), Target (TGT), and Best Buy (BBY).”
I have been waiting for the day when Facebook credits could be used to buy physical goods or pay for real services, like pest control or your internet connection or cell phone service. Its not that far off. I jokingly told a friend that by this time next year he would be using Facebook credits to pay his mortgage. He didn’t think it was as funny as I did.
Ben ends with a statement I find particularly insightful: “Facebook Credits faces few natural limits.“