Facebook Inc is updating its payments service so that it supports pricing in local currencies instead of the special Facebook "credits."
Facebook said the change will "simplify the purchase experience" for the 900 million users of its social network, which generated 18 percent of its revenue from transactions in the first quarter.
Facebook also said it will allow app developers to sell users "subscriptions" for certain services on its social network beginning in July. The previous Facebook Credits system only supported one-time purchases by users.
Facebook said it will convert its users' existing balance of Credits into the equivalent amount in their local currency and that any games or apps that sell virtual items will be required to use local currency by the end of the year.
Copyright Thomson Reuters 2012