Facebook aims to beat PayPal by deploying its own virtual currency in September

Social network giant Facebook unveiled its intention to roll out its virtual currency Facebook Credits in September in a move to become the default online currency, rivaling leaders like PayPal. 

At present, Facebook Credits is in a beta test. But, according to some sources familiar with the deal, the company is targeting to deploy its new service to all users and developers in September.  Initially, Facebook Credits will be aimed at virtual goods, e.g. games, but will eventually let consumers buy anything, including physical goods.

New Facebook Credits is supposed to provide big opportunities for brands to offer transactional services on Facebook and throughout the entire web via Facebook Connect.

The launch of a Facebook currency would mean that the social network company can deploy it using other services that connect with it via Facebook Connect and the Open Graph protocol, enabling brands to let consumers use Credits on sites outside the Facebook platform.

Since Facebook announced that it would be implementing Facebook Credits last year, many app developers have been unhappy about the proposed 30% that it plans to charge for each transaction.