Amazon Offers Lower Prices With Its Virtual Currency

Amazon has launched its virtual currency in the UK and promises to offer lower prices to those choosing to purchase with it.

Every ‘Coin’ will be worth one penny and will be redeemable against any apps, games or in app items that appear in the Amazon site and app store.

The UK is the second market to receive the Coin currency following a US launch in February. The currency is exclusively accessible to customers using its Kindle Fire devices and available to buy online.

Amazon has given users of the device 400 free coins to kick-start use of the currency. Purchases using the currency will be cheaper because Amazon has priced larger volumes of Coin at a lower rate - so 10,000 will cost £90 rather than £100 pounds.

But Amazon also hopes it will encourage more visits to its site as well as offering shoppers a secure way to pay.