Facebook inks MOL partnership for FB Credits in Asia & Australia

July 12th, 2010 by | No Comments

Image by penguincakes

This week saw the partnership between social networking giant Facebook and Malaysian payment technology company MOL Global to extend their recently announced Facebook Credits to countries in Asia and Australia.

Facebook Credits is the social networking site’s attempt at virtual currency which enables users to purchase gifts and virtual goods within games and applications on their social platform. The strategic partnership, unveiled this week on MOL Global’s site, initiates the company’s MOL AccessPortal subsidiary to act as the payment provider. This lets Asian Facebook users to purchase the virtual currency using MOL points purchased through the company’s more than 500,000 outlets including convenience stores, cybercafés and online banks in Malaysia, Singapore, Indonesia, the Philippines, and New Zealand among others.

As you may remember, MOL Global is best known for having acquired last year the former social network mogul Friendster (which apparently still has a relatively strong presence in the Asian region).

Forging this partnership gives Facebook an edge over other online payment systems with its close to 500 million user base, 70% of which engage in applications on the social network. However, we really don’t expect this to boom that quickly, given Facebook’s previous privacy debacle and those existing in even bigger, supposedly more secure companies like Apple and Google. Though we understand and appreciate the convenience it brings, we’re almost sure users will seriously be circumspect when dealing online.

On the other hand, this offers up a great precedence for change for the social network, that is if Mark Zuckerberg and friends have learned from other companies they’ve partnered with for E-Commerce and the startups they’ve acquired.

This may be something your brand can take advantage of. Creating an app and taking part in the MOL Global-Facebook Credits’ payment system can help you if you have an existing logistically viable market abroad; if not to boost sales, then to spread brand awareness and global presence with readily available products and services.

Despite being restricted to virtual goods, companies like Zynga and its million-dollar revenues have proven that it’s a pretty healthy and viable market to be playing in. Who knows, the Zuck may decide to move on to Amazon/Zappos territory and allow transactions for physical goods as well.

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