In its second-largest acquisition, Amazon buys the company for $970 million.
Kwedit enables consumers without credit cards to purchase online games, music downloads and other forms of digital content, then pay Kwedit through the mail or in participating retail stores including 7-Eleven.
Targeting young consumers and others without the use of credit cards or other tools for making online payments, Kwedit Inc. enables consumers to purchase online games, music downloads and other forms of digital content, then pay Kwedit through the mail or in participating retail stores including 7-Eleven.
"Most teenagers and the 25% of American households that do not have a credit or debit card-or who would prefer not to use them online because of concerns over privacy, security, or financial responsibility-have been locked out of the exploding virtual goods markets," says Danny Shader, CEO of Kwedit. "With Kwedit, those consumers can safely participate in the digital content revolution."
Kwedit also uses its own Kwedit Scores to rate its customers’ payment history; as a participating consumer’s credit history with Kwedit gets established, they can increase their spending limits, the company says.
Kwedit is currently accepted as a means of payment on more than 100 web sites selling digital content, including FooPets.com and PuzzlePirates.com.