Money

Amazon Launches Web Currency 'Amazon Coins'

| by Michael Allen
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The e-commerce website Amazon is launching its own web currency called "Amazon Coins."

The Amazon Coins, which are only available to Kindle Fire owners, can be used at the Amazon Appstore to pay for games and apps, reports the Daily Mail.

In the future, they will also be used to buy more products on Amazon. In real money terms, one Amazon Coin is worth one penny.

Kindle Fire owners are getting $5 worth of free coins as part of the launch.  

Additionally, there will be a 10% discount on products bought using Amazon Coins.

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According to ABC News, Amazon stated: "For you [application developers], it's another opportunity to drive traffic, downloads and increased monetization. Plus, there's no integration required -- you'll get paid the same 70 percent revenue share whether the customer chooses to use coins or their own money."

Microsoft has a similar coin-based system with its "Xbox Live Points" and Nintendo has its "Nintendo Points."

Source: Daily Mail and ABC News