SOCIAL network site Friendster Inc. recently launched virtual gifts and the Friendster Gift Shop, which is the first in a series of forthcoming products utilizing the new Friendster Wallet. These will enable over 115 million Friendster users to buy and send gifts to one another. The gift shop was initially launched in Malaysia via a “Gifts” button in the header navigation bar at the top of each Web page on Friendster, and will be rolled out within weeks throughout Southeast Asia and globally.

The company said the Friendster Gift Shop will support a variety of gifts and will enable its community to send gifts to one another, quickly and conveniently, as part of their Friendster experience. Friendster gifts will be used to send personal gestures of kindness, commend others on significant accomplishments, and recognize friends and family on special days, like birthdays, and just for fun. A variety of gift themes is supported and more will be added over time. Currently, users can choose from virtual birthday gifts, collectible gifts, greeting gifts, premium gifts, romance gifts, seasonal gifts, thank-you gifts and more.

Initially, some gifts are free to give using Friendster Chips, Friendster’s nonmonetary, promotional currency. In a few weeks, Friendster will add Friendster Coins, Friendster’s monetary currency, where $1 equals 1,000 Friendster Coins. Many of the gifts range in price between 200 to 500 Friendster Coins.

“The Friendster gift shop will give our users a number of great new ways to celebrate special occasions and accomplishments with friends and family on Friendster surrounding events at school, work, home—or just to say hello in a fun, unique way,” said Ben Dunn, vice president for the Philippines and global head of brand experience at Friendster. “As public displays of affection are an important part of the culture in Southeast Asia, Friendster is in the perfect position to make gift giving even more visible and easier for our millions of users.”

Given the relatively low credit-card penetration in most of Southeast Asia, Friendster enables users to purchase Friendster Coins via several alternate payment options, especially prepaid “top-up” cards, which can be purchased at readily accessible convenience stores such as 7-Eleven throughout Southeast Asia. Users can buy a prepaid card with cash, and then enter the unique code from the card into the Friendster Wallet to receive the money as credit into his or her account.

Friendster will store account balances, allowing users to purchase gifts and, in the near future, to spend on online games and other offerings. Coming soon, users will also be able to purchase prepaid cards for friends and send coins to others as gifts.