Social network/gaming site hi5 has announced a partnership with PlaySpan, a provider of monetization solutions for online games, social networks and virtual worlds. Under the agreement, hi5 will offer two of PlaySpan’s global payment services to its subscriber base of 62 million users.

PlaySpan’s PayByCash and Ultimate Game Card are to provide purchase capabilities for virtual goods and other premium content for hi5 users.

In addition, PlaySpan has announced it is to expand its global PayByCash services to better serve hi5's users, with additional payment services expected to launch in Turkey, Thailand, Portugal, Mexico, Chile, Brazil, and Argentina within the month.

“Some of the world’s most recognized brands use PlaySpan as a monetization solution for their virtual world customers,” said Anil Dharni, Vice President of Products at hi5. “Our partnership offers our users a very flexible means to purchase hi5 Coins, the virtual currency our members use to acquire premium goods and services on the site. Not only will our North American users have the security and convenience of a retail stored value card, but our users in Europe, Latin America and Asia will also have more payment options at their disposal.”