Kwedit is a brand new start up company that aims to help youngsters or anyone else for that matter, purchase digital content on the Internet when they don’t have the traditional means to do so, like a credit or debit card.
Most kids these days have access to a desktop computer or have their own laptop or netbook and many are using their computers for social networking on sites like Facebook, Bebo, and MySpace, and are playing online games (Farmville and Petville immediately springs to mind) that make money by selling virtual content.
However, unless they have their own credit or debit card and most don’t, or can persuade their parents or someone else to let them use theirs, many are unable to make purchases.
The company reckons that Kwedit will broaden the market for virtual items. No doubt!
But they also reckon it could also help young people learn about credit in the real world. How?
Just like in the real world, you have a Kwedit score which will influence the amount of Kwedit you are allowed. The better you are at paying your Kwedit promises the higher your Kwedit limit will be.
“Kwedit is a new, innovative way to purchase digital content and virtual goods safely, easily, and quickly without needing a credit or debit card” it says on the Kwedit website.
Basically there are two different services, Kwedit Promise and Kwedit Direct. You can start off right away by promising to pay a small amount later in order to get the stuff you want now.
Kwedit Direct allows you to buy digital content and virtual goods and pay for them by paying at a local 7-Eleven store which accepts Kwedit payments, by mail, or by using “pass the duck” which enables others to pay on your behalf.
“The best way for you to increase your Kwedit Score is to pay off your Promises in full within the time allotted. Partial or late payments will lower your Kwedit Score and you may no longer be eligible to use Kwedit” says the site.
Ok here’s the important part. Nothing you do with Kwedit will affect your real life credit score and Kwedit don’t charge interest, fees or charge for late payments and they won’t hound you if you don’t pay. Basically it’s a case of if you abuse it you lose it.
How’s that going to teach anyone about the perils of credit in the real world?
I’m sure sites offering virtual content are going to be more than happy about it, not so sure about parents of young gaming enthusiasts though?
