Facebook Credits 'Pay Later' Option: Virtual goods on layaway?

Pay Later
Pay Later

And so the credit crisis begins on Facebook. The social network is currently testing a "Pay Later" for Facebook Credits (FB Credits) purchases while in social games and other apps, though it's not live for everyone just yet, Inside Facebook reports. Players who have yet to purchase FB Credits will be prompted by a new option to pay later when buying virtual currency within social games like FrontierVille, for example. This essentially allows gamers new to using FB Credits to loan out the currency for that shiny new item indefinitely.

Players can even loan out more FB Credits after initially skipping a payment, adding to their debt. Though, on subsequent purchases you're given the option to pay off that balance. However, players can only repay their debt using an automated payment method like a credit card or PayPal account, which is part of the point. The idea behind this new feature seems to be to entice new players to eventually provide Facebook with their credit card information. More importantly, with this program Facebook could transform non-purchasers into instant buyers.

According to Inside Facebook, there is currently no repayment period nor are there any repercussions for remaining in debt. Well, aside from potentially ruining your credit score by racking up hundreds of dollars worth of Horseshoes. But who's to say players won't simply create multiple accounts to loan out virtual goods with, only to later close the accounts? Not to mention that this could spell doom for parents who let their kids game on their Facebook accounts (stop that, will ya?).

[Image Credit: Inside Facebook]

Would you ever take advantage of this "Pay Later" method? How do you think this will pan out for Facebook? Sound off in the comments. Add Comment.