The next generation of Facebook: Paybook?

If you are one of Facebook's estimated 300 million users, chances are that you are already familiar with many of the site's free features. Recently, however, the company announced the development of an internal payment system that will make it easy to pay for games, buy virtual goods, and perhaps even do real shopping.

In some ways, this represents a major departure for Facebook. On its base level, the site is essentially an online version of the phone book, enabling users to connect and keep in touch with friends, colleagues, and family members. Even education histories, addresses, and employment information, which the site encourages members to post, basically facilitates a broader range of searches. In the process, it takes traditional directories to a completely new level.