Facebook Credits

Electronic Arts has entered into a five-year agreement with Facebook to accept Facebook Credits as the exclusive payment method for EA games on the social networking website.

Under the agreement, EA will receive the same 70 percent revenue share for Facebook Credits as is standard for all developers on Facebook.

Pet Society and Restaurant City from Playfish, a division of EA, are two of the most popular games on Facebook in terms of daily users. EA said its soccer and football games are also popular on Facebook.

Social network giant Facebook unveiled its intention to roll out its virtual currency Facebook Credits in September in a move to become the default online currency, rivaling leaders like PayPal. 

 According to Bloomberg, Facebook Inc. is tapping virtual farmers, mafia dons and online pets to generate cash from the social-networking Web site’s 300 million users. The company is testing a payment system to gain a cut each time an online-game player buys any gadget for the game.