Do you want an easy way to pay for virtual goods online without having to use a credit card, debit card, or checking account? Are you a parent that would like a fun and easy way to teach your children how to use credit? Kwedit.com was recently launched as a social payment network that will allow people to make a promise to pay, receive their virtual goods/subscriptions from online game providers (i.e. Farmville, Zynga, Mafia Wars, Barn Buddy, and other popular social networking games that offer digital goods for sale), and then require payment later on.
How Does Kwedit.com Work?
The way that Kwedit.com works is that a Kwedit user enters into an agreement called a “Kwedit Promise” whenever they opt to purchase virtual goods from online games that offer Kwedit as a payment option and then the user is obligated to make payment at a later date. There are 3 different ways to make a payment to a Kwedit.com account:
- Pay at a 7-11 convenience store.
- Send cash through the mail.
- Have a friend or family member pay for you using their credit card, debit card, or check (called “passing the duck” in Kwedit terminology).
Kwedit.com has partnered with Social Gold and many other social gaming platforms and social game developers to offer the Kwedit purchase option on thousands of different games across various social platforms.
Kwedit.com & Child Credit Education
In addition to powering a whole new payment system targeted at the estimated 9 million US households (7.7% of all US households) without a checking account, savings account, or debit card (Source: FDIC Household Survey) Kwedit also has a goal of helping parents educate children about using credit properly. While the #1 motive behind doing this kind of education is no doubt powered by a desire for parents and kids alike to use the Kwedit.com payment service it is still a nice thing to see a company focus on teaching people how to use credit responsibly.
Should You Use Kwedit.com?
Naturally, I would much rather use my rewards credit card or even my debit card before I would ever consider using Kwedit.com to make a purchase online. However, if you are among the 7.7% of all US households that do not have a checking account, savings account, etc. then first of all get a checking account or a savings account ASAP! Then if you would like to try out Kwedit.com by all means give it a try.
In a nutshell, Kwedit.com could be a nice fun way to teach kids, teenagers, and young adults how to use credit responsibly but if you want all of the benefits of fraud protection, rewards, and convenience then better to just stick with a credit card.
What do YOU think of Kwedit.com?
Do you think the Kwedit.com is a smart way to teach kids about money?
Would you ever consider signing up for a Kwedit.com account?
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