OneText, an online Payment platform provider, has released ORCA a new social-commerce transaction processing system.ORCA, Optimized Real-Time Currency Application, is an the open-source platform that provides online companies with tools to process payments, manage loyalty programs, and schedule advance orders of real and virtual goods.
The software behind ORCA can be used by social networks, online games, and other social media.
While 5 companies have already signed up to us the service, including a TV network, social gaming network, offline retailer, and an interactive digital publisher, oneTXT does not see iteslf competing with PayPal or other e-commerce platforms.
According to a recent study commissioned by virtual currency provider PlaySpan, the virtual goods and currency market will reach $1.8 billion in 2009; 12% of Americans have bought virtual goods i n over the last 12 months,
According to Mike Vorhaus, president of Magid Advisors, boys tend to buy virtual swords for their MMORPGs, while women buy virtual flowers on Facebook.
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