MySpace is working on a system to allow MySpace users to exchange virtual gift products and make payments within the social network. In particular, the billing and payment system is aimed at enabling MySpace developers to charge for their MySpace apps.

Facebook, which also has its own virtual gifts (not yet open to developers) is also rumored to be working on a payments system.

No-one seems to be talking about it… but what if a payment system created by MySpace – or even Facebook – takes off? Is it possible that by socializing their hundreds of millions of users into using such a payment system… the next step is to enable its use beyond their social networks and in the Internet as a whole. Watch out PayPal.

Source: Erick Schonfeld, “Making Money On MySpace: Payments and Virtual Gifts Coming Soon”, TechCrunch, November 7, 2008

Related Articles:

• U.S. Mobile Internet Users Spend Half Their Time on Social Networks
• The Top 15 iPhone Apps – Who Would Have Guessed?
• The Average Social Network Gamer Is a 43 Year Old Woman (and Other Interesting Findings About Social Gamers)
• Consumers Use Social Media To Get Discounts
• Social Networks – Good or Bad For Society?

This entry was posted on Wednesday, November 12th, 2008 at 4:42 am and is filed under Ecommerce, News and Comment, Social Media. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.