Facebook Credits to be replaced with real 'local currencies'

Facebook has dropped its Credits virtual currency in exchange for real money, which it says will make life easier for app developers and users.

Announcing the news on its Developers' blog, the social network said the time had come to end the need for 'a platform-wide virtual currency.'

The transition will allow users to pay for things like power-ups in Facebook-based games like Draw Something, CityVille and The Sims.

As it currently stands, users can buy 50 Facebook Credits for $5, 105 for $10 and so on. Those credits can then be spent on apps and games, at the user's discretion.

More flexibility

"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," wrote Facebook's Prashant Fuloria.

"With local pricing, you will be able to set more granular and consistent prices for non-US users and price the same item differently on a market-by-market basis," he added.

So now, instead of spending your credits on games, you'll spend actual cash.

Subscriptions update

In the same blog post, Facebook added that paid subscriptions for apps and games will be unleashed to the Facebook.com site and mobile apps next month.

The initiative will allow developers and content providers to start charging monthly fees to give users access to exclusive content.

Among the first to embrace the scheme will be game developers Zynga and KIXEYE.