DEFINITION of Facebook Credits
Facebook credits were a virtual which could be used to buy goods in online games through the social networking platform, Facebook. Facebook credits can be purchased online using a credit card, PayPal account, mobile phone or other various payment methods, or offline at various retailers. The credits can be used to purchase games or software applications, also referred to as apps.
BREAKING DOWN Facebook Credits
Facebook credits can be used to buy intangible goods such as virtual gifts, parcels of virtual real estate, virtual weapons, tools and animals in platform-based video games. The platform's beta stage ended in February 2011, at which point Facebook announced that it was requiring all Facebook game developers to process transactions exclusively with Facebook credits. By mid-2011 this virtual money was backed by the government-issued currencies of 15 different countries. However, Facebook announced in 2012 that it was shutting down Facebook credits and converting any funds accrued by users to their local fiat currencies.