Amazon Announces “Amazon Coins” Virtual Currency To Launch In May

What's Next In Payments®
3:05 PM EDT January 22nd, 2013

Amazon has announced that they will launch an “Amazon Coin” virtual money program for Kindle Fire users looking to make application and in-app purchase. 

Each Amazon Coin will be worth one cent, and consumers will have the option of paying with a card or through the Amazon Coin system when making purchases.

Amazon Appstore developers will still earn their standard 70 percent cut for purchases made with Amazon Coins. Those with apps already available will automatically be able to accept the virtual payment, while new apps will need to be approved by April 25 to be ready for the initial launch.

This is Amazon’s first foray into the virtual currency world. Facebook first implemented a virtual currency through its Facebook Credits program back in February 2012, but it has yet to gain much traction one year later. 

Amazon Coin will launch in May 2013 and will originally only be available to in the U.S.

Read the full story here.

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