MySpace is soon to add a feature of Payments and Virtual Gifts, as the top social networks compete against each other. With the Advertising business going down, all there’s left for these social networks to turn to is to charge for apps on their platform, or sell things through these apps. At the Web 2.0 Summit, MySpace COO Amit Kapur unveiled the platform’s plan to add a payments and virtual gift products feature to their network. Facebook on the other hand is yet to come out with its own payments system, as it had been rumored sometime back; though it has its own virtual gifts.
