Facebook is furiously attempting to make its mark on social commerce.
The social networking giant recently released its multi-purse gift card, in a clear effort to further expand the cash it collects from payments.
Facebook generated $810 million, or almost 16% of its revenue, from “payments and other fees” last year, the company said in its latest SEC filing. That figure has exponentially increased since the Menlo Park, Calif. company began tracking the revenue it received from those transactions in 2009.
Facebook also generates a profit from facilitating its digital currency, Facebook Credits. Each credit costs 10 cents. Users can exchange those credits for digital items to display on their Facebook pages or to upgrade games played on the social networking site.
My biggest question is: Is this type of targeted social efforts (not unlike Amex’s, in the post below) going to be effective?