Kwedit Brings Loans To Virtual Goods Market

Kwedit, a Mountain View – California based startup, wants to simplify the purchase of virtual goods for teens. The company plans to allow teens to buy virtual goods on Facebook games such as “FarmVille” and “Café World”, if they commit to pay later at 7-Eleven stores or send in money via mail.

Kwedit’s premise is that Facebook games are mostly played by teens, who dont have access to credit cards or paypal accounts. Since Facebook games only support credit cards and paypals, this effectively shuts out these teens from purchasing virtual goods.

Zynga, which has more than 200 million users and racked in revenues of around 200 million in 2009, has disclosed that only 1% of its user base currently buys virtual goods.

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