KUALA LUMPUR: Social networking site Friendster is coming out with its own virtual products and online currency in a scheme known as the Friendster Wallet.
The “wallet” enables Friendster members to send virtual flowers and other gifts to each other, and to pay for it with virtual money known as “Friendster Coins.”
You have to use real-world money to buy the “coins.”
Friendster has signed a partnership deal with local prepaid payment provider MOL AccessPortal Bhd to allow Friendster users to exchange money for Friendster Coins.
The virtual currency will be purchasable in the form of top-up cards at convenient stores (specifically 7-Elevens), cybercafes, petrol stations and any of the 1,500 participating outlets nationwide next month.
“90% of our subscribers are based in Asia and are mostly young people,” said Friendster CEO Richard Kimber.
“Many of them do not have credit cards, usually a requirement to buy anything online. This prepaid scheme will give them the opportunity to buy a virtual present for someone without the need for a credit card or bank account.”
MOL, a Malaysian company that runs real-world and virtual payment networks in 75 countries, is keen to tap into Friendster’s user base.
“Friendster has more than 115 million subscribers (worldwide), of which 25 million are active users, so we see great potential in this partnership,” said the president and CEO of MOL, Ganesh Kumar Bangah.
An active Friendster user is someone who has accesses his account at least once in 30 days, according to the social networking site.
PayPal made payments easier for eBay users and contributed to the success of the online auction house, Bangah said.
“In the same way, we are hoping to eliminate the barriers to online transactions for Friendster and open up important revenue streams,” he said.
For more information, surf to www.friendster.com.
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