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.

Topics:
Comments
Also by This Author
What's Hot
News
Who Really Owns the POS and Customer Data?
B2B Payments
No Apple Pay For Amex Corporate Users
B2B Payments
With New VC Dollars, GoCoin Pledges B2B Payments Push
Company Spotlight
Apple May Soon Hit Sale Of Billionth iOS Device
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
News
Who Really Owns the POS and Customer Data?
B2B Payments
No Apple Pay For Amex Corporate Users
B2B Payments
With New VC Dollars, GoCoin Pledges B2B Payments Push
B2B Payments
Tipalti Lassos In $13 Million In Series B Funding
View All Articles ››