Not now . . . but it will get there. Last week, Skype launched the long rumored/ expected/ in development Skype Prime service(via TechCrunch). Using Skype Prime, users can charge to recieve a call.

Even before the skype acquisition, (aug 2005) I recognized the impact of Skype on payments, but this development was headed off by the acquisition (Paypal was a huge benfitiary of the acquisition eventhough Wall Street did not recognize it). This development, however, could potentially be more revolutionary.

The key to the why Skype Prime is so much more than a “1-900″ service. It is the product strategy of useing Skype Credits as the payment mechanism:

your Skype Credit is deducted by the appropriate amount that then goes to the receiver’s account. The provider does not get the call fees directly as Skype Credit — rather, they go into a special holding “box”. The provider then receives the revenue via PayPal.

As is, skype credits are associated directly to the funding currency and thus are automatically converted into real money for the reciever. However for cross currency conversions, (caller bought skype credits in US$ and reciver is charging Euros) it does not appear that this transaction could be consumated.

Because skype credits are essentially pegged to a local currency AND there is no cross border transactions, Skype credits are only fungible as part of a transaction. However if Skype begins to enable cross currency calls, and begin denominating Skype Credits in MINUTES, a liquid market for trading these minutes will likely occur. Skype will have essentially created a virtual currency/economy. (I pay you in skype minute and you charge using skype minutes, and convert them to local currency in an as needed basis)

Of course, for a Skype economy to appear, there need to be a market for skype minutes. There are one very obvious applications: Sex. And second even more brilliant suggestion by Tom Evslin - as a method to self-monetize leads.

Here’s my prediction: many people will set up Skype Prime based call services. They’ll put information in their profiles which attracts telemarketers. Telemarketers will learn who the best prospects are both from the profiles (some of which will be lying) and by accumulating lists. You’ll adjust the rate so that you’re pleased, not annoyed when you get a telemarketing call.

Of course, given the rise (and probably proliferation of virtual economies like 2nd life) , Skype Minutes could easily become the currecy of choice for these smaller vitual worlds. (and as any gamer will tell you, Skype is the best thing (IM + Voice) to ever happen to a raiding party.