Facebook will soon allow users worldwide to pay in their local currencies for various paid applications and games on the popular social networking site, a move that would help it in diversifying revenue streams. "...We are updating our payments product to support pricing in local currency (ex: US dollar, British pound and Japanese yen) instead of Credits," Facebook said on its website.
"By supporting pricing in local currency, we hope to simplify the purchase experience, give you more flexibility, and make it easier to reach a global audience of Facebook users who want a way to pay for your apps and games in their local currency," it added. In 2009, Facebook, introduced a payment system 'Facebook Credits' or a virtual currency was mainly used to buy virtual goods in games like FarmVille.
Last year, 15 million users bought virtual goods on the site using its payments service. "We will release local currency support for in-app payments in the next few months. Any apps or games that sell virtual items will be required to use local currency by the end of the year," the company said. Facebook, which generates most of its revenues from advertising operations, has been focusing to strengthen its non-advertising business.