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Amazon Coins

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Amazon Coins is a digital payment method created by Amazon.com. Currently, the coins can only be used to purchase software and for microtransactions on apps downloaded from the Amazon Appstore on Kindle, Kindle Fire, and Android devices.

History

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Amazon introduced Amazon Coins on July 13, 2013, in the United States and gave 500 free coins valued $5/£3 to all users of Kindle Fire devices, who could use the coins to purchase apps, games, and in-app purchases on the Amazon Appstore.[1] However, in 2014, Amazon started allowing all Android users in Germany, the United Kingdom, and the United States to earn, buy, and spend Amazon Coins on the Appstore using Android phones and tablets. Users could also get discounts when they bought the coins in bulk and earn coins through certain apps on the Appstore.[2][3]

In 2014, with the release of the Fire Phone, Amazon offered app developers 500,000 Amazon Coins for each paid app or app with in-app purchasing developed and optimized for the Fire Phone.[4][5]

Function and value

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Amazon has called Amazon Coins a "virtual currency". However, the Coins operate like other digital gift cards.[6]

One Amazon Coin is worth one cent in the US, but differs in value depending on the platform; for example, on the UK platform, they are worth 1 pence.[7] However, like many coupons, they cannot be redeemed for cash. While you can gift other accounts Amazon Coins during the purchasing process, you cannot transfer coins that have already been added to an account.[8] The inability to transfer redeemable platform currencies such as Amazon Coins allow for greater revenue generation.[9]

Purchased Coins do not expire, but some promotional Coins expire just over one year from the date they are acquired.[10]

When a customer buys software with Amazon Coins, the developer is paid in conventional currency.[11]

References

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  1. ^ Flood, Alison (2013-05-14). "Amazon launches Coins virtual currency". The Guardian. ISSN 0261-3077. Retrieved 2019-05-26.
  2. ^ "In-depth information about Amazon Coins". TechEngage. 2021-04-10. Retrieved 2021-04-10.
  3. ^ Lance Whitney (February 19, 2014). "Amazon Coins branch out to all Android devices". CNet.
  4. ^ "Appstore Developer Select". amazon.com. Amazon.com Inc. Archived from the original on 2014-07-05. Retrieved 20 June 2014.
  5. ^ "Amazon Coins and Amazon Underground". mustips.com. MUS Tips. 2 August 2016. Retrieved 2 August 2016.
  6. ^ "Introducing Amazon Coins: A New Virtual Currency for Kindle Fire". Amazon.com. February 4, 2013. Retrieved May 14, 2013.
  7. ^ "What are Amazon Coins?". amazon.co.uk. Retrieved 28 August 2024.
  8. ^ "What Are Amazon Coins?". CoinsFor.Sale. 10 December 2020. Retrieved 14 December 2020.
  9. ^ Rogoff, Kenneth; You, Yang (6 March 2023). "Redeemable Platform Currencies". The Review of Economic Studies. 90 (2): 975–1008. doi:10.1093/restud/rdac028.
  10. ^ "Amazon Coins Terms and Conditions". Amazon. Retrieved December 10, 2020.
  11. ^ Metz, Rachel (February 5, 2013). "Could Amazon's Virtual Currency Buy You a Coffeemaker Someday? Paying for things in the Amazon Appstore may be just the first step for the online retailer's new virtual currency". MIT Technology Review. Retrieved September 29, 2015.


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