Kwedit Launches Online Payment Service for Cash Transactions
By Ina Steiner
Kwedit launched new online-payment services targeted at consumers who prefer to pay for digital content and virtual goods with cash. Former PayPal President Jeff Jordan is an advisor to Kwedit, which is also working on a service that would allow eBay buyers to pay for items by using Kwedit Direct at any 7-Eleven.
Kwedit Promise enables consumers to receive goods immediately in exchange for Promises to "Play Now. Pay Later." Kwedit Promises can be paid off using any of the mechanisms provided by Kwedit Direct, which allows consumers to make payments at participating retail stores or by mailing cash or asking a friend or family member to pay on their behalf through a unique social payment network called Pass the Duck.
The service establishes a Kwedit Limit for users, which is a spending limit established by publishers and modified by consumers' Kwedit Scores. The company expllains that Kwedit Scores are similar in concept to FICO scores, in that they reflect consumers' previous, timely payoff of Promises, and rise with on-time payments, allowing responsible consumers to use more Kwedit.
Kwedit is available on over 100 online destinations, including FooPets and PuzzlePirates, via partnerships with publishers and payment aggregators.
Kwedit CEO Danny Shader had been CEO at Accept.com, a consumer-to-consumer payment service that Amazon.com acquired in 1999.
About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to firstname.lastname@example.org.
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