Facebook is going to launch a new payment system for India users, called Credits Facebook.  It is basically a virtual currency which helps in doing transactions through games and applications. It will be launched next month.

Users are now able to feed your payment information after purchase, to win and go through different games or applications that use Facebook. The brands selling their product though Facebook , will get a good advantage out of it. This new Facebook payment system has already being tested by Facebook Developers for months. This system is already approved by some of the major developers like Zynga, Fish Play, Digital Chocolate, PopCap and Arkadium.

“Credits Facebook is currently used in over 350 applications 150 developers representing more than 70 percent of the volume of virtual real estate transactions Facebook “ as written in the official company blog by Deb Liu, director of marketing for the Facebook platform.  Liu also said, Using the Facebook credit, the developers can keep 70% of revenue generated through virtual goods transactions.