NOTE: This article is a re-post of a guest article by Anil Dharni, VP of Products at hi5 and member of the OpenSocial Foundation Board of Directors, that first appeared on the OpenSocial blog.
Ever since launching our OpenSocial platform in March 2008, developers have been eager for a unified payment platform for collecting micro-transactions on hi5. Over the past year, we have moved ahead to make such a virtual currency platform available to developers while ensuring a positive user experience for our members. Over the last few weeks, hi5 has been launching our first third-party games integrated via OpenSocial-compliant APIs to our virtual currency platform - providing a standard payment method for developers to monetize their applications through our audience of over 60 million active users around the world.
The first step in this progression was the launch of our virtual currency back in December 2008, which allowed users to buy hi5 Coins and use them to purchase virtual goods on the site. This platform was initially accessible only for hi5 premium features like Gifts. We rapidly expanded the ways that users could get real currency into the system - going beyond credit/debit cards to include payment methods, such as mobile SMS, offers and alternate cards, like Ultimate Game cards, that are popular in different parts of the world.
The next step was to make our payments interface OpenSocial compliant. In order to make our virtual currency more universal across hi5 and non-hi5 applications, our OpenSocial platform team collaborated with other containers to propose an OpenSocial Virtual Currency API as an extension to the OpenSocial specification. Our virtual currency interface was expedited due to the work started by other OpenSocial containers like Xiaonei.com, 51.com, and Netlog.com. With real use cases from Asia, Europe and Latin America, the containers quickly converged on the API specifications.
The hi5 OpenSocial Virtual Currency interface is already live in public beta with several third-party developers like RockYou (RockYou Pets), Playdom (Poker Palace) and Small Worlds, enabling them to collect direct user payments within their games. We have a number of additional partnerships that will launch soon. OpenSocial developers can now leverage a standard virtual currency spec across containers - allowing them to monetize through micro-transactions without worrying about the details of payment processing, currency conversions, localized payment methods or other logistical challenges. Our users benefit, as well, with more outlets for spending their hi5 Coins and a simplified and familiar process for making payments on the hi5 site. We look forward to continuing to work with the OpenSocial community to innovate on the virtual currency standard and to make micro-transactions between users and developers a viable and growing revenue stream.
Ever since launching our OpenSocial platform in March 2008, developers have been eager for a unified payment platform for collecting micro-transactions on hi5. Over the past year, we have moved ahead to make such a virtual currency platform available to developers while ensuring a positive user experience for our members. Over the last few weeks, hi5 has been launching our first third-party games integrated via OpenSocial-compliant APIs to our virtual currency platform - providing a standard payment method for developers to monetize their applications through our audience of over 60 million active users around the world.
The first step in this progression was the launch of our virtual currency back in December 2008, which allowed users to buy hi5 Coins and use them to purchase virtual goods on the site. This platform was initially accessible only for hi5 premium features like Gifts. We rapidly expanded the ways that users could get real currency into the system - going beyond credit/debit cards to include payment methods, such as mobile SMS, offers and alternate cards, like Ultimate Game cards, that are popular in different parts of the world.
The next step was to make our payments interface OpenSocial compliant. In order to make our virtual currency more universal across hi5 and non-hi5 applications, our OpenSocial platform team collaborated with other containers to propose an OpenSocial Virtual Currency API as an extension to the OpenSocial specification. Our virtual currency interface was expedited due to the work started by other OpenSocial containers like Xiaonei.com, 51.com, and Netlog.com. With real use cases from Asia, Europe and Latin America, the containers quickly converged on the API specifications.
The hi5 OpenSocial Virtual Currency interface is already live in public beta with several third-party developers like RockYou (RockYou Pets), Playdom (Poker Palace) and Small Worlds, enabling them to collect direct user payments within their games. We have a number of additional partnerships that will launch soon. OpenSocial developers can now leverage a standard virtual currency spec across containers - allowing them to monetize through micro-transactions without worrying about the details of payment processing, currency conversions, localized payment methods or other logistical challenges. Our users benefit, as well, with more outlets for spending their hi5 Coins and a simplified and familiar process for making payments on the hi5 site. We look forward to continuing to work with the OpenSocial community to innovate on the virtual currency standard and to make micro-transactions between users and developers a viable and growing revenue stream.
ShareThis