Jambool Launching Payment Solution for Facebook Games

At the end of 2008, Seattle Facebook app start-up Jambool quietly launched its Social Gold platform for Facebook. Today Jambool will launch a new feature for Social Gold, an API that Facebook
app developers can quickly integrate into their programs for testing purposes.

Social Gold is a virtual payments and economy app designed to help other Facebook apps handle microtransactions and virtual goods monetization. Social Gold is also integrated into the Super Rewards and SocialCash networks.  The service is currently live on apps including (Lil) Green Patch, Pieces of Flair, and Mob Wars.

Social Gold enables payments through Amazon, PayPal, and Google through
bank accounts and credit cards, as expected, but also supports mobile
phone payment in 37 countries through partnerships with third parties.
Social Gold also provides clients with a "virtual economy" dashboard
that lets developers track virtual currency use throughout a platform.
Variables Social Gold can track include per capita currency purchases
and spending, price comparisons, and which items are top-selling during
a variety of time frames.

At time of launch, Jambool appeared to be more interested in developing its own Facebook applications, rather than backend technology. The shift appears related to CEO Vikas Gupta's background as former lead developer of many of Amazon's core payment methods. Shortly before the release of Social Gold, Jambool received a previously undisclosed $1 million round of venture funding provided by Hit Forge, Charles River Ventures, and Bay Partners.

Social Gold's gathering momentum is interesting in light of Facebook's recent decision to put plans for the creation of an integrated microtransaction system on hold for the foreseeable future. It is unclear what role technology like Social Gold would have to play if an in-house Facebook solution ever materialized. On the other hand, given the timing of Social Gold's roll-out, it's possible Facebook is content for now to let Jambool handle the business of facilitating microtransactions.

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