Facebook and PayPal on Thursday announced a tie-up to use PayPal as the way to pay for Facebook's advertising and developer systems.
Facebook has currently over 400 million users worldwide, including 120 million in the US alone. Owned by eBay, PayPal is the online mode to pay for e-commerce transactions worldwide. It has 81 million accounts in 24 currencies around the world.
Under the tie-up, advertisers around the world will be able to use PayPal to pay for Facebook advertisements, PayPal said in a press release.
For businesses in areas where the payment process can be difficult and expensive, PayPal said its services will make it easier for advertisers to run campaigns on Facebook.
PayPal can also be used for the newly started Facebook Credits, which aims to give (Facebook) users a fast and easy way to buy virtual goods on Facebook, including items from the Facebook Gift Shop, the statement said.
"We want to give the people who use Facebook, as well as advertisers and developers, a fast and trusted way to pay across our service,'' the statement quoted Dan Levy, director of payment operations at Facebook.
"As our business has grown, offering local methods of payment has become increasingly important for advertisers who want to buy Facebook Ads. Teaming with PayPal, a global leader in online payments, makes this possible,'' he said.
Osama Bedier, PayPal vice president (emerging technologies), added, "Put simply, PayPal's business is payments. We make it easier for customers to send and receive money online in 24 currencies and 190 markets around the world.
"We have always been an important part of the developer ecosystem on Facebook, and we're excited to expand our relationship directly with Facebook to help grow advertisers' and developers' businesses.''