Facebook to take 30% credit from financial transactions

Facebook has announced that it will take a 30 per cent cut of financial transactions on its site.

Application developers say this is too expensive, but the social networking site has assured developers that it will explore ways to improve the programme.

Facebook says it will increase conversion and net revenue for developers, with user education and marketing as well as bulk discounts.

The site, according to sources, will launch its virtual currency called 'Facebook credits' in April.