Dear Facebook.

Dear Facebook,

Here is how I think you can make more money.

You can become a major player in micropayments. Onsite and around the web.

So much of your product is based around people and interaction, it seems you need to encourage people to spend money on your site without realising it.

People have already proven that they will purchase purely digital products -You have had limited success with your ‘gifts’ app and the people at Second LIfe have built a whole economy around it.

What you can focus on specifically is turning people’s facebook account into a miniature credit account, operating and making payments in fractions of a cent rather then cents. and making your profit from similarly small transaction fees.

We could certainly use a service like this around the web. Something that allows for donations or payments for digital items within facebook or content on other web pages. You would be free to offer regular prices as well but could offer the micropayment as a cheaper form of transaction -cheaper for all involved.

The next step for this could be to look at turning the facebook account into a passport for other websites, allowing developers to collect payments through their facebook micropayment account as well as make tiny payments. There is something like this on the web that automatically shuffles things around within currencies, limiting the conversion fees for transactions across different currencies across the world. Who knows, maybe facebook will become the first ‘world currency’.

If you were to create a service like this you would be able to instantly connect with a huge crowd of subscribers necessary to help the service gain momentum quickly. By following the format that you have currently with other developers such as releasing an API and working with developers to expand the capabilities of this element.

Now I am not well versed in financial institutions, I know that banks charge for each transaction as a metric. It would seem that one of the keys to limiting charges would be to bring the computation needed for each of the transactions in-house to be computed once every 24hrs.

Of course the first thing you would see is the importance of security to a setup like this, but if anyone can do this, you guys can.

I’d love for any of these ideas to help you stumble across the cash cow you have been looking for within facebook. Purely for my own enjoyment.

Just my 2 cents.

best of luck.

Matthias Peitsch.

p.s. I hope you would take any part of this letter and use it if it is useful. I do not want money nor anything legal. I consider this idea to be available to use without recognition or acknowledgement or legal requirements of any kind.

On a personal note, if you do find this helpful in any way I would LOVE a thankyou that I could hang on my wall. 🙂

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