Summary Box: Startup wants to extend ‘Kwedit’ to people buying virtual goods online
By APThursday, February 4, 2010
Summary Box: Startup Kwedit aims at ‘unbanked’
THE IDEA: A startup called Kwedit wants to help people without credit or debit cards buy virtual goods used in games and other Web sites. For instance, some games let you play for free but sell you virtual add-ons, such as seeds and land in a farming game.
HOW IT WORKS: Kwedit lets you promise to pay later for something you’re buying now. If you keep your promise, your Kwedit score goes up and you can borrow more money. If you don’t keep your promise, your Kwedit score would go down. You can pay off Kwedit in several ways, including by handing over cash in a 7-Eleven store.
THE COMPETITION: There are other ways to pay for virtual goods, including a system by Boku that lets people ring up virtual goods with their mobile phones. And many stores sell prepaid cards that can be used for online purchases.
