19 October 2017

Introducing Kwedit: Buy now, pay later - if you feel like it

04 February 2010  |  8652 views  |  0 add to basket

Kwedit, a service that lets people without credit or debit cards acquire digital content and virtual goods by making a 'promise' - that can not be enforced - to pay later, has launched in the US.

Kwedit is targeting the millions of teenage Americans that do not have debit or credit cards, but may want to buy digital content, through two new services.

The first, Kwedit Direct, lets users make a purchase online via three different methods that do not require cards or bank accounts.

Customers can print a "Kwedit Slip" at participating sites, which can then be taken to a 7-Eleven store where its barcode is scanned and the payment accepted. The payment is posted to the customer's account early the next morning.

Users can also print out a Kwedit payment slip and send it in the mail along with cash. Once the payment is received and processed, Kwedit notifies the customer and they get their purchase.

Alternatively, customers can "Pass the Duck", asking a friend or family member to pay on their behalf using a credit card or other Kwedit options.

The other service, Kwedit Promise, allows consumers to obtain digital content and virtual goods immediately in exchange for promises to pay for them later.

Customers can pay later using the various Kwedit Direct methods but they are under no legal obligation to do so.

However, there is an incentive to pay up because users are given a "kwedit score" which falls if they do not make payments they have promised and rises if they do. Users' scores determine how much "kwedit" participating sites will give them.

Kwedit is currently available on around 100 social game sites and is also an option on the Social Gold micropayments platform.
KeywordsSOCIAL MEDIA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Google plans micropayments platform for newspapers

Google plans micropayments platform for newspapers

10 September 2009  |  6678 views  |  0 comments
Jambool raises $5m for virtual currency platform Social Gold

Jambool raises $5m for virtual currency platform Social Gold

18 August 2009  |  6799 views  |  0 comments
Virtual world assets are 'soft target' for cybercriminals - ENSIA

Virtual world assets are 'soft target' for cybercriminals - ENSIA

20 November 2008  |  9128 views  |  0 comments
Second Life introduces euro currency exchange for virtual residents

Second Life introduces euro currency exchange for virtual residents

17 November 2008  |  9118 views  |  0 comments
Digital content fuels surge in micropayments

Digital content fuels surge in micropayments

05 October 2004  |  5026 views  |  0 comments
Peppercoin positions for micropayments boom

Peppercoin positions for micropayments boom

18 November 2003  |  5992 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15523 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8714 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8353 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7802 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6963 views comments | 9 tweets | 17 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job