PayPal says its micropayment system isn't a threat to Facebook's Credits

Paypal announced earlier this week that it had partnered with Facebook and other websites to launch a new micropayment service for virtual goods. At the time of the announcement, it was unclear how the new offering would effect existing virtual goods payment systems such as Facebook Credits. Now PayPal’s vice president of global product strategy, Sam Shrauger, says the new micropayment offering won’t cause any significant changes to those existing systems; it will just provide an additional payment method.

Mobile payments service Zong raises $15 million from Matrix Partners

Zong, a mobile payments startup that helps social gamers buy virtual goods, raised $15 million from Matrix Partners. The company, which started off as a division of Echovox and rode the wave of the booming virtual-goods industry, has now spun-off as an independent enterprise. It’s also cemented a long-in-the-works deal to be the mobile payments provider for Facebook’s new virtual currency Credits.

Crunchies: Zynga's Mark Pincus sees a future for socially-conscious virtual goods

Although best-known for sucking in about 70 million people to become online farmers and crop-growers in its Farmville game, Zynga has also started using virtual goods to raise money for different social causes. The company launched a “Sweet Seeds” initiative last fall, in which users can purchase special sweet potato seeds and send 50 percent of the proceeds to two non-profit organizations in Haiti. The program ended up raising more than $1 million for children in the country.