Tinder introduces in-app virtual currency to encourage real spending

Tinder is introducing a virtual currency that it hopes will encourage users to spend real money on the dating app.

Tinder, the most popular dating app in the US, is rolling out a virtual currency it hopes will encourage users to spend more time swiping, scrolling and eventually spending real money while online.

The new app addon will only initially be available only in Australia, in-app “coins” can be acquired as long as users remain active on the platform or keep their profiles up to date.

The virtual coins can also be purchased with regular money and can then be used to step up a user’s profile by purchasing Tinder’s perks such as Super Likes or Boosts, which can help increase the chances of finding a good match.

Dating apps typically run on what is known as a “freemium” model, providing basic services without charge and making money when users buy a subscription or pay a la carte for extra features, like unveiling people who have shown mutual interest in each other and applying more granular filters to narrow the dating pool.

Available later this month, the in-app currency, is part of Tinder’s latest efforts to create a richer experience for people online, moving beyond just its traditional “swipe right” method for finding a romantic partner.

Chief Financial Officer Gary Swidler said during the company’s second-quarter earnings call that Tinder users’ “propensity to pay has improved significantly.”

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The dynamics of dating have changed dramatically now in the market. Tinder is one of the pioneers in this fast-growing trend and has made more than 55 billion dates through its platform. It earned a whopping $1.4 billion in revenue in 2020.

Tinder was unaffected by the recent FB global outage.

Bumble, Tinder’s main competitor.

Total revenue increased 38% to $186.2 million. Bumble App Revenue grew 55% to $127.3 million. Badoo App and Other Revenue grew 11% to $58.9 million. Total Paying Users increased 20% to 2.9 million.

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