Facecard Lets You Spend Cash in Facebook

Social gaming companies are beginning to let users buy virtual goods using prepaid cards available in retail stores — and that method of payment seems to be working on Facebook. But Facecard is taking another angle to transactions on the site.

As part of a new version released late last week, it introduced an application so people can spend money within Facebook. Users can send money through messages, create wishlists of things they want, then accept donations from friends and family, and send gifts to each other — so both an image of a gift as well money for buying the real thing. It’s sort of like PayPal, but in this case designed more for kids on Facebook.

As with other prepaid cards, Facecard wants to make it easier for parents to both give their kids an allowance and regulate their spending. The service also comes with a dashboard to monitor spending.

In case you’re not familiar, the company lets users buy prepaid, reloadable cards. It runs on Mastercard’s credit card system, so the card can be used anywhere that accepts Mastercard.