Amazon Introduces Virtual Currency

Amazon is launching a virtual currency for Kindle Fire users to buy apps, games and make in-app purchases starting in the US in May. The company says it will give away millions of Amazon Coins to get users spending the new virtual currency.

“Developers continue to report higher conversion rates on Amazon compared to other platforms,” said Paul Ryder, VP of apps and games at Amazon. “Now we have another new way to help developers reach even more of our millions of customers.”

Developers will still get the same 70 per cent revenue share when customers use Amazon Coins as they are already entitled to. Any new apps will need to be submitted and approved by April 25 to be ready for the currency launch.