VB: “Third party applications on Facebook are beginning to test out the social network’s new, in-house payment system, presaging what has been described as a wide-ranging war to among many companies to offer a single, universal virtual currency. There’s been no formal announcement of a launch yet, but an implementation is already live on an app called GroupCards, as spotted by TechCrunch earlier today.”

VB: “All of this is not to say that there will be only one currency. There will always be places for specialized currencies, as well as tools to clear/exchange different virtual currencies. – But the domination that would come from a consumer-embraced universal virtual currency is just a massive opportunity. And while right now it’s just startups, game-centric portals, and minor social networks who are playing with shared currencies, Facebook’s impending tests are going to escalate the current skirmishes to-all out battle. – The universal currency wars are coming. It’s going to be interesting to watch.”

TC: “You can read through the proposed list of rules (there’s also a FAQ). Most of them are pretty straightforward – Facebook basically says that it licenses all of your virtual goods and credits to you (you don’t own them), and it can do whatever it wants as far as changing the price of credits. It’s also not responsible for anything you buy (aside from ensuring that your Facebook Gifts are delivered), and there are no refunds (though the company says that it may intervene in disputes betwen users concerning payments, but that it is under no obligation to do so). Some of the language refers to transactions between users and third parties, which is indicative of the upcoming payment system.”