Are Amazon Coins designed for breakage?

Are Amazon Coins designed for breakage?

Your cash has never been more valuable. Amazon is set tolaunch its Amazon Coin this month. It's an interesting move and one that paves the way for other retailers to soak up a lot of cash with very little effort. There's nothing new about companies offering gift tokens, but this is currency -- and word has it that several other large brands are developing their own versions to be wrapped in their own corporate identities. As a customer, you'd be offered cheaper goods for using their currency. For example, with Amazon Coins, you might pay less for a product than if you paid with cash. So....


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Amazon books its own currency

Amazon is launching its own currency later this month. Amazon Coins will only be exchangeable for Kindle applications and games and will only initially be available to US customers. The virtual coins will be valued at one US cent each, so a $2.99 purchase will cost 299 Coins. Amazon will prime the market by giving customers millions of free coins. Amazon said: "When Amazon Coins launches in May, we will give out tens of millions of dollars in Amazon Coins...". Application developers have already been asked to get their software in for review but no other integration is required. Developers....

Amazon Coins virtual currency now available on Kindle Fire

Amazon has thrown a handful of its online coins at its US customers. The bookseller has handed 500 "Amazon Coins" to each of its Kindle Fire customers. 500 coins are worth $5 and can be used to buy apps and games and also virtual items within games used on the ereader. To further tempt Kindle punters Amazon is offering ten per cent discounts on future coin purchases. Although US only for now we would expect the system to be offered elsewhere in the world soon. The Coins, for now at least, appear more like a loyalty card system than a fully-fledged currency. We assume Amazon hopes to boost....

Amazon Wallet: A Threat to Bitcoin?

This is what Amazon Wallet looks like. Amazon isn't new to the digital payments industry. The online retailer launched Amazon Payments back in 2007, a service that directly competes with the likes of PayPal and Google Wallet. Then in December 2013, Amazon purchased GoPago, a mobile payments platform. Now, continuing the company's push into the digital payments sector, Amazon has launched Amazon Wallet. What Amazon Wallet Does, Or Rather, Doesn't Do. Amazon Wallet is...surprisingly basic. Designed for use at the point-of-sale, Amazon Wallet is essentially an Android app that stores gift....

Analyst predicts final chapter for Amazon Coins

A new report has predicted the demise of Amazon Coins, arguing that the initiative goes against industry trends and could incur a user backlash. 'Alternative Currencies: Is There Staying Power?' is a report from Mercator Advisory Group, which specializes in reports to the payment industry. It charts recent developments in four areas: cryptocurrencies, community currencies started regionally, in-game currencies, and loyalty points tied to payment cards. Jeffrey Green, director of the emerging technologies advisory service at Mercator, and author of the report, argues that Amazon bucked the....

eGifter Expands to Europe with Amazon Gift Cards Paid in Bitcoin

In a press release sent out today eGifter, a social and mobile gifting company, announces its expansion into the European Market by adding Amazon.fr, Amazon.de and Amazon.co.uk Gift Cards to its offerings. The new offering will allow European consumers to purchase these cards with Bitcoin, which is very good news as the real Bitcoin economy takes off and more and more consumers look for simple ways to use their coins to buy things (as opposed of speculation). The gift cards are available on the eGifter web and mobile website and will be available next month on the eGifter mobile apps for....

Quotes

Blockchain technology will not only change the way we do payments, it will change the whole trading and settlement topic.

Oliver Bussmann, CIO, UBS