To encourage developers to create content for its Kindle Fire devices, Amazon is making it easier for them to monetize their products. To that end, the company has announced that it is introducing a new virtual currency that consumers can spend on digital content: Amazon Coins.

Using Amazon Coins, consumers with Kindle Fire devices will be able to purchase apps and games through the Amazon Appstore, and also make in-app payments for items. The new virtual currency will launch in May in the U.S.

To support the rollout, Amazon also announced that it will give customers tens of millions of dollars in free Amazon Coins to spend in the Amazon Appstore.

Developers for games through the Amazon Appstore will still earn 70 percent of the revenue from purchases using Amazon Coins, the company said. Developers of apps and games already available through the Amazon Appstore, are already set to work with the virtual currency, Amazon said. New games must be submitted and approved by April 25 to be ready for the launch of the virtual currency.

"Developers continue to report higher conversion rates on Amazon compared to other platforms," said Paul Ryder, vice president of apps and games at Amazon. "Now we have another new way to help developers reach even more of our millions of customers."

Read more about in-app payments.