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Facebook sets up payments subsidiary

Friday 25 March 2011 11:38 CET | News

Social networking website Facebook has established an official subsidiary, dubbed Facebook Payments, which is set to manage payments to developers related to the Facebook Credits program, according to the online media outlet allfacebook.com.

The Facebook Payments subsidiary has appointed three of Facebook’s top executives, namely Chief Financial Officer David Ebersman, Vice President of Partnerships and Platform Marketing Dan Rose and Vice President and General Counsel Ted Ullyot as directors of the division. Facebook Credits also integrates several applications such as programs that convert the currency for use on other websites and stored value cards sold by an increasing number of retailers.

According to the internet market research company eMarketer, Facebook is expected to register 132.5 million users in the US in 2011 and 152.1 million users by 2013. The 18 to 44 age group is expected to be the largest demographic segment, namely 56.7 percent of Facebook users.


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Keywords: Facebook, Facebook Payments, Facebook Credits, eMarket
Categories: Payments & Commerce
Companies:
Countries: World
This article is part of category

Payments & Commerce