21 February 2017
Visit EBAday.com

Amazon to launch virtual currency

05 February 2013  |  11796 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  |  12188 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  |  7982 views  |  2 comments
Google scrapped plans for virtual currency over regulatory concerns

Google scrapped plans for virtual currency over regulatory concerns

01 March 2012  |  12588 views  |  2 comments
American Express files virtual currency patent

American Express files virtual currency patent

01 November 2011  |  15603 views  |  1 comments
Virtual currency used for commodity trade

Virtual currency used for commodity trade

15 April 2011  |  16009 views  |  0 comments | 1 tweets
Google to buy virtual currency outfit Jambool - TechCrunch

Google to buy virtual currency outfit Jambool - TechCrunch

10 August 2010  |  9492 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  |  14331 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit dh.com

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
17422 views 11 comments | 53 tweets | 87 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10371 views comments | 21 tweets | 19 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
10351 views comments | 49 tweets | 58 linkedin
The fintech effect: Banks buy in to benefits of boosting financial well-beingThe fintech effect: Banks buy in to benefi...
9275 views comments | 17 tweets | 12 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8392 views comments | 17 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job