News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Amazon to Launch Virtual Currency – Feb. 7, 2013

Amazon to Launch Virtual Currency 

Feb. 7, 2013

This May, Amazon will introduce a virtual currency called Amazon Coins consumers can use to purchase apps, games and make in-app purchases on the Kindle Fire platform. At launch, the company said it plans to give away tens of millions of dollars worth of the virtual currency. Developers that want to take advantage of the surge of value predicted to come in to the Amazon Appstore at the time must have apps and games submitted and approved by April 25. Developers will continue to earn 70 percent of the sale of any app or game through the Appstore whether consumers fund their Amazon accounts with Amazon Coins or any other payment method.

“Developers continue to report higher conversion rates on Amazon compared to other platforms,” said Paul Ryder, vice president of apps and games for Amazon. “Now we have another new way to help developers reach even more of our millions of customers. Amazon Coins gives customers an easy way to spend money on developers’ apps on Kindle Fire in the Amazon Appstore.”

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Daniel Leibovitch