(Image Source: The San Francisco Chronicle )

BY EMILY ALLEN

Facebook has announced a money-making plan designed to make the site more of a one-stop shop for users. WRTV and WTHR have more details on the changes.

“The changes open up a new revenue stream for developers as well as the site -- which takes a 30-percent cut from all payments on its site.”

“In addition to the current one-time payments, the social network is also replacing its own credits currency with users' local currency.”

A writer for Engadget points out the benefits for this new move for Facebook and potential developers.

“Without question, it's bound to be attractive to prospective app builders, and moreover, Facebook's about-face on Credits as the primary payment method will be met with praise, too.”

A Facebook developer on the site’s developer blog said the new changes reflect Facebook’s global presence.

“By supporting pricing in local currency, we hope to simplify the purchase experience, give you more flexibility, and make it easier to reach a global audience of Facebook users who want a way to pay for your apps and games in their local currency.”

A blogger for the New York Times says these changes will get people to stay on Facebook longer and help the site better track data on user purchases. The blogger says Facebook is far from morphing into iTunes, but…

“ … the tweaks announced Tuesday are a nod to the Apple model, where you pay in dollars and cents, not a whimsical currency. It is also a window into how Facebook is seeking to bring in more revenue from sources other than advertising.”

The changes will roll out across the entire social media site next month.