Wednesday, February 3, 2010

Kwedit Cards

A new website has sprouted up, similar to Paypal, it's an online payment system, here's the interesting part though, it's geared towards teens. Normally Teens can't make purchases online since paypal is an inconvenience to get setup for a person under 18(not to mention illegal). So now they can, with a system similar to credit, basically teens can purchase items using credit(called Kwedit on the site). This site is currently geared towards online games but it's possible that it will branch out in the future.

PayPal Inc.Image via Wikipedia
Kwedit works like this, a user goes to an online service and clicks to pay for something using kwedit, when they do that they are prompted to make a promise to pay that service money in-exchange for the products.
Users don't pay right then they can wait to pay it off, there is no interest that builds or anything. However to get users to pay and pay it off quickly they have a system in place, there are rewards you get for paying off your debt. One reward is your kwedit score goes up(similar to the credit score) this allows you to use kwedit on more sites and more services trust you to pay off the debts.

There are several payment methods "You can make a payment at your local 7-Eleven. First, select a store location. Then, print a Kwedit Slip right on your home printer. Take the slip to the store you selected, and the clerk will scan the Kwedit Slip for you. Pay the required amount and make sure to save the receipt.
We'll notify you the following morning when your payment is processed. If you bring the receipt back to your computer and enter the store number printed on the receipt, we'll enter you in a drawing for a prize."
"You can send cash or a cashier's check to Kwedit in a handy pre-paid mailer you print at home (please note: coins and personal checks are not accepted).
Simply print out the mailer, fold it according to the instructions around your cash, tape it up, and drop it in the mail. We pay the postage!
We'll notify you when your payment is processed."
You can make a payment using your credit or debit card.
"With Kwedit's Pass the Duck service, you can ask friends and relatives to pay back your Promises. They can pay at a local retailer, send cash in a pre-paid mailer, or use a credit or debit card -- they can even Pass the Duck to someone else!
The Pass the Duck chain can keep on going. For example, you and your sister might ask your mother to pay, and she could then Pass the Duck to your grandparents who live across the country. Your grandmother can make a payment at a 7-Eleven near her, mail cash, or use a credit or debit card. All the while, you and sister can enjoy the virtual goods that your family is helping you purchase."

I do believe they do need paypal as a payment method but they don't have it. Really it should be Paypal, offers, and maybe as one of the rewards that the site offers they should credit your kwedit account with real money, so then you can buy something using money that's in there too.

One odd thing though I've thought of with this new payment system, is Kwedit kawds, this could put so many people in debt basically, it's basically a no interest credit card that you get rewards on!

Will this site get abused? YES!!
Is this site unique? YES!!
Will I use it to buy things? YES!!

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