The popular social networking site Facebook and the eBay-owned payment system PayPal Thursday announced a “strategic relationship,” whereby the PayPal technology will facilitate the purchase of Facebook’s self-service ads, over and above Facebook Credits - a virtual currency specific to the Facebook site.

Facebook’s team-up with PayPal, which is operational in 190 markets with 24 currencies, reflects one of the social networking site’s steady moves into the e-commerce arena – which already include plans pertaining to the “credits” system and the company’s focus on micropayments and virtual goods.

Looking to provide its users, advertisers, and developers, a speedy and reliable way for making payments, Facebook has acknowledged that a partnership with PayPal - which is usually used as a substitute for credit-card payments - will be extremely beneficial in global markets where small businesses often find it difficult to purchase ad space on Facebook.

About the ‘Facebook-PayPal’ partnership, Dan Levy, Facebook’s director of payment operations, said: “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.”

Besides PayPal, whose co-founder Peter Thiel is an early investor in Facebook and one of the social network’s directors, Facebook already boasts partnerships with pay-by-mobile companies like Zong, to facilitate Facebook purchases via mobile phone numbers!