Amazon introduces virtual currency

If you travel often, like I do, you probably have to deal with various currencies depending on where you are in the world. And if this is not enough, there are a lot of virtual currencies as well – linden dollars, farmville money, world of warcraft, etc. Facebook is also toying with the virtual currency – Facebook Credits. But there is another player on the bandwagon – Amazon.

Today the ever expanding company announced Amazon Coins which will provide customers with online credits to buy apps, games and in-app items for Kindle Fire tablet. coin Expansion to other products and services is sure to follow but for now Amazon says customers won’t be able to buy subscriptions with the virtual currency. Currently only US customers will be eligible to use the new virtual currency.

According to Amazon FAQ, One Amazon Coin is worth one cent, so if an app costs $2.99 it will cost 299 Amazon Coins.

Amazon Coins will launch in May and the company plans to give some free coins to thousands of customers in order to kick-start the program. As for the developers – they will receive the same royalties, regardless how the customers make their purchase – with credit card or through Amazon coins.