February 4, 2010
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News: Kwedit; Just Pass the Duck
Finally a new online payment system that aims to help teenagers and individuals with a poor credit history build credit and boost their score. Kwedit is an alternative to the traditional credit card which allows consumers to purchase items online and get billed later. It is an innovative way to purchase digital and virtual goods and does not require a debit or credit card. Consumers can choose from two methods o payment; Kwedit Direct and Kwedit Promise. The new concept was developed by the company's Chief Executive Office, Danny Shader, who once headed Accept.com the first consumer to consumer payment service, believes Kwedit will be the hottest thing since the inception of the credit card. Kwedit is run by an impressive team of experts.
Kwedit Direct provides the options of making payments at the 7-Eleven store, mailing cash, or using a concept called Pass the Duck, a social payment network. Pass the Duck allows other to pay for you by any of the same options or by debit or credit card. Kwedit Promise allows you to get goods by giving your Promise to pay later. Participants can repay Promises by using the same methods of Direct.
Users who are interested in purchasing virtual goods with Kwedit, do so by taking on fake debt. There's no need to worry about credit card scams or hackers because there is nothing at stake. Although the user promises to pay later, if he does not, there is no legal or liability repercussions. If the user does not repay the debt as promised, he loses the opportunity to continue using Kwedit. Although Kwedit does keep a running credit score, the score is never reported to the national credit reporting bureaus and therefore does not have any effect on the user's FICO score.
Paying off their promises, benefits the users because credit is issued in the same fashion as a traditional credit card whereby the more responsible the user is in paying off his promises, the more kwedit he receives. Furthermore, users will not be able to easily establish a new account if he does default because the site is connected to social network sites like Facebook where it would be difficult to set up a fake user.