Amazon Announces Amazon Coins

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\"AmazonStarting in May, Kindle Fire users will have a new way to pay for games, apps and in-app purchases.

Today, Amazon unveiled its new virtual currency, Amazon Coins, which the company will roll out in May. Amazon Coins will allow customers to use their coins to make purchases on a Kindle Fire or in the Amazon Appstore. Customers can purchase Amazon coins using their Amazon accounts.

To promote the new virtual currency system, Amazon said it will give out “tens of millions of dollars’ worth of free Amazon Coins” when it launches. There\’s no discount for using Amazon Coins, according to the company. One Amazon Coin is equivalent to one cent, so a game that costs $1.99 will cost users 199 Amazon Coins, etc.

Developers of Kindle Fire apps will receive the standard 70 percent revenue share when customers make purchases with Amazon Coins. Amazon claims that there is no integration required for developers that have apps and games already in the Amazon Appstore, but developers of new apps will need to have their apps submitted and approved by April 25 for them to be ready for the launch of Amazon Coins.

Amazon Coins will only be available in the U.S. when it launches later this year.

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