So long as a user is at least 13 years old, they can sign up for a virtual credit line with Kwedit. This will allow you to perform virtual IOU’s within games that have adopted the system, which see you purchasing premium items or services under the condition that you will pay for said items within a few weeks.
As reported by Gamasutra, paying for these items comes when you travel to stores like 7-Eleven (or any that accept Kwedit payments) and make your payment, or when you send cash in pre-paid envelopes through the regular postal service.
As a user pays off their balances, their line of Kwedit grows, and they can take out a great amount of IOU’s before repaying. Likewise, if a user fails to pay back the amount within a set time limit, they will be less likely able to take out another IOU. However, there are no serious repercusions other than that.
“It’s a completely virtual simulation of credit, in a completely safe environment.” says Danny Shader, Kwedit’s CEO.
This system opens the door to users who would otherwise be unable to purchase online virtual goods, either due to lack of a credit card, age, or simple lack of desire to purchase pre-paid cards in bulk monetary amounts. Still, the thought of a 13 year old taking out even a virtual line of credit is giving some users pause.
Shader acknowledges these concerns by saying that Kwedit actually provides a great learning tool for parents to share with their children, as he states that credit will “ultimately be the most important financial skill they will have to develop when they get older. That’s why we’re putting a tremendous amount of material on our web site explaining what this is all about.”
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