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Welcome to the News View for "Kwedit".

Here, on these archive pages, you'll find all of the articles on Payments News for Kwedit listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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February 05, 2010

Kwedit Direct - Pay by Cash for Digital Content and Virtual Goods

We spoked yesterday to Danny Shader, founder/CEO of Kwedit. During our chat, Danny commented that Kwedit Promise was getting all of the press attention - but that Kwedit Direct might ultimately be even more successful.

Kwedit Direct allows consumers without payment cards to participate and buy online - by payment with cash:

  • At a local 7-Eleven convenience store (print our a Kwedit Slip, take it to the 7-Eleven and pay)
  • By sending greenbacks through the US mail using a prepaid mailer that you print out, fold, insert bills, and drop in the mail. Having a unique identifier, each envelope is tracked by the USPS as it moves through the postal system to Kwedit.
  • By "Passing the Duck" - you can forward your obligation to pay to a friend or family member.

Here's a video about how Kwedit Direct works for payers:

If you're a publisher wanting to receive funds via Kwedit Direct, here's another video with more information:

February 04, 2010

Kwedit Announces New Payment Services for Digital Content, Virtual Goods

As previewed yesterday, Kwedit has announced the launch of Kwedit Direct and Kwedit Promise - two new services for consumers who have been unable to purchase digital content or virtual goods because they lack credit or debit cards or would prefer to pay with cash.

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.

Kwedit Direct allows consumers to make payments at participating retail stores— starting with 5,800 7-Eleven stores in the United States— 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.™ READ MORE »

February 03, 2010

A New Payment Alternative for Virtual Goods: Kwedit

Danny Shader has launched his latest venture, Kwedit. See Michael Arrington's TechCrunch post "Kwedit Launches: The First Completely Unreliable Payment Network" for a quick overview of what Kwedit is up to.

For payments professionals, Kwedit is yet another example of segmentation in action. Remember the unserved? They'll accept something less than a perfect solution. Virtual goods merchants don't have a cost of goods sold that matters.

Here's a quick overview. To get started, you simply promise to pay. You can then choose to either pay within a few days - or default. In the meantime, you've bought whatever you wanted to buy from your favorite virtual goods merchant.

If you default, your Kwedit (get it?) score goes down - and you may not get new credit in the future. If you want to pay, you can put cash into the system in several ways - including at your local 7-Eleven store. Or, you can mail-in cash in a Kwedit mailer. Or, you can pass the buck to a friend or family member and ask them to pay. There's more to it - but you get the idea. See you in Farmville!

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