Come July, Atlanta-based Zeevex is going to start selling its Xtreme Online Game Card in more than 20,000 brick-and-mortar retailers in the U.S. thanks to a distribution partnership with InComm, providing a way for gamers to buy virtual currency offline to redeem their online value through the Zeevex website at a later stage. By doing so, users create what Zeevex calls a ‘Digital Locker’, containing so-called Zeev Tokens that can be used for a variety of uses in online video games (e.g., for purchases of Gold or Coins, monthly subscriptions, one-time fees, and micro-transactions).

This is very similar to what PlaySpan is up to with its Ultimate Game Card. For more perspective on their product, read about their recent deal with hi5 or their acquisition of Spare Change.

According to the press release, the Zeevex Digital Lockers will include social network plug-ins (for Facebook, Twitter, MySpace and Bebo) so users can trade Zeev Tokens with anyone but also provide parental controls and support for micro-transactions as low as 5 cents.

The micro-industry forming around micro-transactions is now going through some micro-consolidation. PlaySpan, which is quickly racking up micro-payments across hundreds of video games and virtual worlds, is acquiring Spare Change Payments, a startup which focuses on micro-transactions for social networking apps. The value of the cash-and-stock deal was not disclosed.

PlaySpan raised $16.8 million in a series B funding just last February from Easton Capital Group, Menlo Ventures, Novel TMT Ventures, and STIC. The startup was famously founded by a 12-year-old, Arjun Mehta, but it is really run by his father, CEO and co-founder Karl Mehta.

The company has processed more than $50 million worth of micro-transactions through its PayByCash and Ultimate Game Card products. While its focus so far has been games and virtual worlds, it recently began making its own forays into social networks with a deal to power some micropayments on hi5. But Spare Change already has more momentum on social networks. It powers micropayments across 700 social networking apps on Facebook, MySpace, and Bebo, and is on its way to processing $30 million worth of transactions this year. As the social networks and online games collide, and developers seek new ways to make money other than advertising, micropayments will continue to grow.

San Francisco-based hi5, which operates the third largest social networking service in the world, is announcing a partnership with PlaySpan today in an effort to get more revenue out of its 60+ million members strong userbase. PlaySpan, famously founded by a 5th grader two years ago, will henceforth be powering micropayments for virtual goods and premium content sold on the social network.

Two of PlaySpan’s payment solutions will be used, getting the most out of the variety of payment methods used across the globe, which is essential for hi5 since the large majority of its users are located outside the U.S (about 40% speaks Spanish, for example). The company’s subsidiary PayByCash is able to support approximately 80 payment methods in 180 countries and boasts an extremely low fraud rate, and the addition of hi5 to its customer reference list further validates the alternative micro-payment platform.

Who says raising money is hard these days? PlaySpan makes it look like child’s play. The startup, which was literally founded by a 5th grader, just raised $16.8 million in a series B round from existing investors Easton Capital Group, Menlo Ventures, Novel TMT Ventures, and STIC.

PlaySpan was founded two years ago by Arjun Mehta, then in the 5th grade, and his father Karl Mehta, who is the CEO. It is a marketplace and micro-transaction payment system for virtual goods in more than 200 different video games. So far this year, more than $50 million worth of transactions have gone through PlaySpan, and the company has reaped revenues in the millions of dollars.