Discontinuation of MetaCard service on 28 February 2010

Due to a shift in strategic direction for the company, we will be discontinuing the MetaCard service as of 28 February. Please read our official announcement below and our FAQ.

Dear MetaCard users and merchants,

Since our launch in July 2007, we have been working very hard to provide the MetaCard service to the Second Life community with the aim of bringing the many benefits of credit cards that we love in the real world to shoppers in SL, enabling merchants to accept more payment methods and increase sales, thereby creating a better shopping experience and a more developed payment ecosystem overall in SL.

After 2.5 very exciting years of working and experimentation with MetaCard, we have concluded that it is currently neither viable nor critical to provide a credit card product in virtual economies, and thus MetaCard will be discontinued on 28 February.

Throughout this journey, our team have had the privilege of creating and offering a product that's the first of its kind, and exploring the many challenges that come with it. Above all, we would like to thank you our users, for your support throughout this time – it has been a blast to serve you guys. Thank you again for joining us on the cutting edge, and we hope that you will continue to extend your support to join us on the next leg of our journey.

We at First Meta will continue on our mission to create and provide sound, sustainable and valuable financial products for virtual economies. We will now refocus our resources and energy on a much more pressing need – currency exchange. Our latest product, the First Meta Exchange, is a multi-world virtual currency exchange (again, another first). We will share more about that in a bit.

Here is a summary of changes that will be made to the MetaCard and MetaSavings services:

All MetaCard purchases will be disabled as of 28 Feb 2010, 11:59 PM PST. MetaCard vendors will still be able to accept regular Linden Dollar payments. MetaCard cash advance will be disabled with immediate effect.
Outstanding MetaCard balances can be paid at any First Meta ATM.
Please DO NOT return your First Meta ATMs. The ATMs will be used for our First Meta Exchange service, and we are offering referral fees for sign-ups via the ATM.
We will continue to maintain MetaSavings accounts. Users whose MetaCard account in good standing will be able to access available balances (subject to usual withdrawal limits). We will not accept further deposits or offer MetaPoints.
For users whose MetaCard accounts are in default, your MetaSavings balance will be used to offset your MetaCard balance. Remaining MetaSavings balances will be available for withdrawal.
You are highly encouraged to transfer your MetaSavings balance into your First Meta Exchange account. Funds in your FMX account can be used for trading on FMX and all future First Meta services, and can be accessed from all First Meta ATMs and the First Meta Exchange website.
Transfer by logging in to your First Meta account here.

There is also a detailed FAQ here which should answer most of your questions. If you have further questions, please contact us at support@firstmeta.com.

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So what do these changes mean for you, and what can you expect going forward?

Basically, a new product, new content, new look, new features, improved support and more virtual worlds. A brand new First Meta, and we have big plans for it!

Some changes that you will see in the coming months:

Starting 1 March 2010, the First Meta SIM will be owned by our SL Marketing Manager, Joy Laperriere. Joy is now the proud owner of a budding shoe label, Magnifico, and has plans for the SIM so do check it out! Information on First Meta and ATMs will still be available on the SIM.
All members “First Meta” and “MetaCard Members” groups will be switched over to a subscribe-o-matic. The primary channels for in-world updates will be the Subscribe-o-matic and the “First Meta” group.
ATM requests will be attended to at least once a week. Earn referral fees for FMX purchases via your ATM. Get yours on XStreetSL here.
Improved support. Contact us via:
(1) live chat on First Meta Exchange (leave a message if we’re offline) or
(2) at support@firstmeta.com.
Support requests will be tended to within 3 business days.

In the foreseeable future, First Meta’s growth strategy will be focused on the First Meta Exchange. FMX is a multi-world virtual currency exchange - the only one of its kind in the world. (Visit now if you haven’t!) You can trade your Lindens into USD or EUR, or trade them for other virtual currencies.

First Meta Exchange Beta was launched some months ago and we are proud to announce that it has done well. We’re currently live in Second Life, IMVU, Toribash and Frenzoo - all these worlds allow monetization from user-generated content so do check them out - and will soon be launching with FAME League. Our user numbers are growing healthily, and transaction volume has been increasing at a staggering 70% per month!

We are working hard to add new features and improve the First Meta Exchange service, which we will have to keep secret for now. ;) We will also be focused on adding more virtual worlds which will mean more business opportunities for merchants, and more content for users!

We want to thank you our guys for all your support. We look forward to continuing to serve you better, and taking First Meta to new and greater heights with you.

Aileen Sim (SL: Tyra Fierrens)
COO, First Meta
aileen@firstmeta.com

FAQ

Users
1. How do I pay my MetaCard bill?
2. Do I have to pay off my entire MetaCard balance immediately?
3. What will happen to my MetaSavings balance?
4. What will happen to my MetaPoints balance?

Merchants
5. I have MetaCard scripts in my store. What do I have to do?
6. I have First Meta ATMs on my land. Do I return them?
7. What will happen to my MetaSavings Corporate account?
8. I have a vendor integrated with the MetaCard API. Will my vendor still work?

First Meta Exchange
9. How do I transfer my MetaSavings balance to my First Meta Exchange account?
10. How do I get my FMX ATM to earn Linden Dollars referrals?

Users

1. How do I pay my MetaCard bill?

You can pay your MetaCard bill at any First Meta ATM. A full list of ATMs can be found here.

Should you need additional Linden Dollars, you can purchase them at First Meta Exchange.

2. Do I have to pay off my entire MetaCard balance immediately?

You do not have to pay off your entire MetaCard bill at once. However, the MetaCard payment schedule still applies, and applicable fees (e.g. late fees) and interest will be levied on outstanding MetaCard balances as per the MetaCard Terms & Conditions.

For users whose MetaCard accounts are in default, MetaSavings balances will be used to offset outstanding MetaCard balances on 21 March 2010 to minimize your fees incurred. Read more here.

If you have difficulty making your MetaCard payments, please contact us at support@firstmeta.com and we can help you work out a payment schedule that is manageable for you.

3. What will happen to my MetaSavings balance?

For users whose MetaCard accounts are in good standing and are not on the fixed deposit MetaCard plan, your balances will be available for withdrawal subject to daily withdrawal limits.

For users whose MetaCard accounts are in good standing and on the fixed deposit< MetaCard plan, your balances above your locked deposit will be available for withdrawal. Your locked balance will be available for withdrawal when your MetaCard account is closed (must have 0 balance).

For users whose MetaCard accounts are in default, your MetaSavings balance will be used to offset your MetaCard balance. Remaining MetaSavings balances (above locked balances for users on fixed deposit plans) will be available for withdrawal.

4. What will happen to my MetaPoints balance?

The last MetaPoints payout will be on 1 March 2010. You can use MetaPoints to pay off your MetaCard balance via your First Meta web login here.

Any remaining MetaPoints shall be forfeited on 21 March 2010.

Note: Linden Lab’s in-world banking regulations prohibit the payment of interest on Linden-dollar deposit accounts. MetaPoints is a loyalty rewards program, not a substitute or equivalent of Linden Dollars interest payment. MetaPoints therefore cannot be redeemed for Linden Dollars.

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Merchants

5. I have MetaCard scripts in my store. What do I have to do?

You do not have to do anything. We will disable MetaCard purchases. You may wish to remove the MetaCard script. However, if you do not remove the scripts, your vendors will still be able to accept direct Linden dollar payments as per normal.

6. I have First Meta ATMs on my land. Do I return them?

Please do not return First Meta ATMs. The ATMs will be automatically updated, and will allow users to access their MetaSavings as well as the First Meta Exchange (where they can buy more lindens to shop at your store!)

In addition, we will also be offering a 100L referral fee for each new user that buy Linden Dollars on FMX via the ATM.

7. What will happen to my MetaSavings Corporate account?

MetaSavings Corporate accounts will be treated similarly with MetaSavings consumer accounts. Read more here.

8. I have a vendor integrated with the MetaCard API. Will my vendor still work?

Yes your vendor will still work as per normal if you do not remove the MetaCard script.

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First Meta Exchange

9. How do I transfer my MetaSavings balance to my First Meta Exchange account?

1. Login to your First Meta account here.
2. On the left bar, click “Transfer” under FMX.
3. Enter the amount you wish to transfer and select “Transfer to First Meta Exchange”

10. How do I get my FMX ATM to earn Linden Dollars referrals?

Get your First Meta ATM from XStreetSL here and follow the instructions. Rez one of the placeholders in your desired location and click on the ATM to send a request to our server.