KillerStartups – A Payment Network Based On Promises

Kwedit.comKwedit announces itself to the world as “a social payment network where you can play now, pay later”. That phrase captures its essence, but some clarifications are in order.

To begin with, it is a payment platform that works only for digital content and virtual goods. That might (or not) change sometime soon, but for now that is what you will be able to buy.

The “pay later” element is actually the most interesting aspect of the whole package. That is, using Kwedit you promise you will pay for something at a late date, after you have already have used it. You are not actually legally bound to pay for anything. But if you do, you will gain credits and credibility within the network. And the ways in which you can make an actual payment are incredible comprehensive. These go from printing a bar code and paying the bill in any 7-11 store to paying through a mail service named “Kwedit Mailer”. As if that wasn’t enough, it is even possible to ask members of your family and friends to pay for you. That seems a good enough way to instill responsible behavior into younger internauts to me. In Their Own Words

“We believe everyone should be able to reap the benefits of using the Internet, no matter what methods of payment you choose to use. Kwedit was created to help consumers who have the will and money to make online purchases but lack a mechanism for doing so. Just like a duck that glides along smoothly on the surface while paddling furiously underneath, we’re working hard to ensure you have an enjoyable and easy experience when using Kwedit.

The Kwedit team includes deeply experienced experts from the payments, web, and retail IT worlds. We’re all extremely passionate about serving consumers who want to have better choices about how to pay for things online.”

Why It Might Be A Killer

It is an interesting alternative to other payment methods, if only because its terms are so favorable to users.

Some Questions About

Isn’t a system like this one too open to abusive behavior?

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