Amazon launches virtual currency Coins called Amazon Coins

Amazon has announced that, starting today, users can purchase apps, games and in-app items in the Amazon Appstore and on Kindle Fire using the company’s own Amazon Coin currency.

Amazon’s new “virtual currency” Amazon Coin.

Amazon’s new “virtual currency” Amazon Coin.

To get things rolling, Amazon is depositing $5 worth of Coins into the account of every Kindle Fire owner, which amounts to about 500 of the imaginary tokens. This is the “tens of millions of dollars” that Amazon promised when the currency was first announced in February.

What is Amazon Coins?

Amazon Coins are basically credits that you can use to buy apps on the Amazon Appstore as well as make some in-app purchases, with a 10 percent discount on coins when bought in bulk. It should be noted that Amazon Appstore developers will earn their standard 70 percent revenue share when customers make purchases using Amazon Coins. No Coins-specific changes are required for developers with apps and games currently in the Amazon Appstore.

You will be able to buy Coins on — 500 Coins cost $5; 1,000 cost $10; and 10,000, $100 — and then use them to buy apps and games. If you buy Coins in bulk, Amazon says, you will get a discount on them.

You cannot buy books or movies or videos using Coins at the moment, but Amazon’s Vice President of Apps and Games Mike George said this was just the start for the currency. “We will continue to add more ways to earn and spend Coins on a wider range of content and activities, he said. “Today is Day One for Coins.”

source: Amazon Coins

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