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Facebook payments to challenge PayPal, Google, Apple, and more

Facebook’s very quiet announcement last week that it is dropping Facebook Credits in favor of local currency pricing was likely the quietest declaration of war the world has seen. The notice, made on the company’s developer blog, means Facebook is taking on payments providers PayPal, Google Wallet, and, perhaps preemptively, Apple’s iTunes.

Facebook Credits won’t contribute to profits for “several years”

Facebook’s emerging virtual currency Credits may look like the cornerstone of a significant new source of profits for the social network, but the virtual currency won’t add to the company’s bottom line for awhile, according to Ethan Beard, director of the Facebook Developer Network.