Social networking site Facebook has joined hands with PayPal in order to make use of PayPal as the mode to pay for Facebook's advertising and developer systems.

Presently, Facebook has more than 400 million users all over the world comprising 120 million in the US alone.

Owned by eBay, PayPal is the online mode to make payment for e-business dealings internationally. It has 81 million accounts in 24 currencies all through the world.

Under the affiliation, advertisers around the world will be capable of utilizing PayPal to pay for Facebook ads.

For businesses in fields where the payment process can be complex and costly PayPal said its services will make it simpler for advertisers to run campaigns on Facebook.

PayPal can also be utilized for the newly commenced Facebook Credits that aspires to provide (Facebook) users a quick and simple way to purchase virtual goods on Facebook, comprising items from the Facebook Gift Shop.

Dan Levy, director of payment operations at Facebook, said, "We want to give the people who use Facebook, as well as advertisers and developers, a fast and trusted way to pay across our service."

"As our business has grown, offering local methods of payment has become increasingly important for advertisers who want to buy Facebook Ads. Teaming with PayPal, a global leader in online payments, makes this possible,'' he said.

Osama Bedier, PayPal vice president (emerging technologies), stated, "Put simply, PayPal's business is payments. We make it easier for customers to send and receive money online in 24 currencies and 190 markets around the world. We have always been an important part of the developer ecosystem on Facebook, and we're excited to expand our relationship directly with Facebook to help grow advertisers' and developers' businesses.'' (With Input from Agencies)