28 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Amazon to launch virtual currency

05 February 2013  |  12006 views  |  0 Us cent

Amazon is to introduce its own virtual currency for purchasing apps, games and in-app items on Kindle Fire.

The Web commerce giant says it will give customers tens of millions of dollars' worth of free Amazon Coins to spend on developers' apps on Kindle Fire from the tablet's Appstore when it launches the new currency in May.

The firm promises to make it "quick and easy" for customers to buy additional Amazon Coins using their Amazon accounts.

Amazon Appstore developers will earn their standard 70% revenue share when customers make purchases using Amazon Coins, whch are pegged to the US dollar, with one Coin equivalent to one US cent.

In June last year, Facebook ditched its Credits virtual currency platform in favour of a system which allows developers to be paid in a local currency of their choosing. Facebook said the the roll-out of Credits had slowed uptake of gaming applications, requiring users to switch in and out of multiple currency options - from US dollars, to Credits and back again to in-game currencies - and adding new layers of friction to the monetisation of developer applications.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

European Central Bank warns of virtual currency risks

European Central Bank warns of virtual currency risks

30 October 2012  |  12607 views  |  6 comments | 19 tweets | 5 linkedin
Facebook performs virtual currency about-turn; abandons Credits

Facebook performs virtual currency about-turn; abandons Credits

20 June 2012  |  8187 views  |  2 comments
Google scrapped plans for virtual currency over regulatory concerns

Google scrapped plans for virtual currency over regulatory concerns

01 March 2012  |  12738 views  |  2 comments
American Express files virtual currency patent

American Express files virtual currency patent

01 November 2011  |  15802 views  |  1 comments
Virtual currency used for commodity trade

Virtual currency used for commodity trade

15 April 2011  |  16362 views  |  0 comments | 1 tweets
Google to buy virtual currency outfit Jambool - TechCrunch

Google to buy virtual currency outfit Jambool - TechCrunch

10 August 2010  |  9641 views  |  0 comments
Digital cash set to usurp paper and plastic - Standard Bank

Digital cash set to usurp paper and plastic - Standard Bank

09 March 2010  |  14489 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit wavestone-advisors.co.ukvisit www.www.fisglobal.com

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9204 views comments | 19 tweets | 37 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8762 views comments | 10 tweets | 6 linkedin
hands typing furiouslyThe EU and blockchain: taking the lead?
7564 views 0 | 8 tweets | 7 linkedin
Asia still top dog for payments innovation but Europe gaining groundAsia still top dog for payments innovation...
7496 views comments | 10 tweets | 9 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7003 views comments | 6 tweets | 6 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job