News by Andrew Kameka on Tuesday February 05, 2013.
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Amazon has introduced its own virtual currency system for Kindle Fire users to make app, game, and in-app purchases later this year. The new Amazon Coins will launch for U.S. customers in May, and Amazon will distribute free coins once the system begins. Amazon Coins will be treated the same as purchases made with a credit card, so customers in the U.S will be able to buy almost any digital content from the Amazon Appstore, or within specific games. The virtual currency will have a 1-to-1 conversion from cent to coins, so $1 will be worth 100 Amazon Coins.
When Amazon Coins launches in May, subscriptions will be excluded from use. The virtual currency will otherwise be as good as money and will be treated as such in all transactions, including in the 70/30 revenue split the retailer has with developers. There seems to be little incentive to use coins other than to preload money onto a Kindle Fire and make purchases without having to process charges for each transaction. It also gets money up front for Amazon and encourages customers to spend coins. According to Amazon's rules, Coins also cannot be used as currency exchanges between customers or for content that is available outside of apps and games.
Amazon has not disclosed when Coins will be available to Kindle Fire users outside of the United States.source: Amazon
Andrew is based in Miami, Florida.