Virtual currency platform gWallet is announcing a partnership with online privacy certification company TRUSTe to reinforce gWallet ethical guidelines in the virtual currency space. gWallet partners with both brands and game developers to bring users virtual currency offers on games within social networks.
Following the Scamville controversy in the virtual offers space, the startups which provide these offers on games have been working to rid their platforms of misleading offers. In fact, Offerpal CEO George Garrick promised to take a leadership position in cleaning up scammy ads. Competitor Gwallet has also promised to never offer these type of ads, and is now partnering with TRUSTe to certify gWallet’s privacy practices. TRUSTe will also monitor offers submitted by gWallet‘s advertisers to ensure they aren’t misleading. For example, previously fake quizzes would be tied to long term mobile subscriptions, malware-laden toolbar downloads and and other scams. And Gwallet is betting on TRUSTe to keep these offers at bay.
gWallet, which recently raised $10 million in funding, was founded by serial entrepreneur Gurbaksh Chahal. gWallet works directly with brands directly as opposed to adopting an affiliate leads model and uses branded video campaigns to engage with consumers. Disney, Best Buy, K-Mart, Nestle, Coke, and The History Channel are all using gWallet’s video campaigns on social networks, which are powered by Tube Mogul.
gWallet also announced an early-stage venture fund to invest in social gaming companies and promote innovation within the social gaming ecosystem. gWallet faces competition from Offerpal and SuperRewards.
I get the Indian on Indian love, but this story blows.
“Partnering with TRUSTe” means paying for their service. Kinda like how businesses “partner” with the BBB – it’s pay to play.
This story is smothered with weaksauce, er, chutney.
People don’t partner with the BBB, imbecile. For-profit businesses are rated by the BBB which is a neutral non-profit organization. It rates a business based on customer complaints and successful resolutions. Where pay-to-play comes into it is a figment of your imagination. The quality of comments on TC is seriously in decline.
Riiiiiiiiiiight.
I have no idea how the BBB works, but TRUSTe operates just how Weeeeeeeak describes. The quality of comments may be in decline, but the level of critical reporting is in freefall. The only positive thing I can say about this story is that at least it is not about 4sq.
Farmville, Gwallet,… a hype now, forgotten by tomorrow.
What’s in it for me? what’s the value they bring to the consumer?
Sur that serial entrepreneur will sell the gwallet for big bucks long before it starts to burst.
Sounds good my friend
I think the value is in the service they bring, we choose gwallet over all the other services for our new game coming out next month Wold Town, becuase the really understood the business model of offering real value based ads that give players something real in return, such as discounts on things people buy everyday, food clothes and such, we spent months looking at all the companies, and pitched our model we have been using in China and gwallet was the only one that understood, that giving player discounts in game that players could share with their friends to get virtual money and goods was a far better solution and more profitable then just tricking them into subscriptions they would never use.
weird to me. offerpal needs truste certification more than gwallet.
very nice.. that’s a big challenge
truste certification is more important for me. and I want to use it in my joomla component if the security is great
If anything, the TRUSTe certification will be read to all serious developers/publishers as poorer payouts.
As much as Scamville was exposed, never forget the publishers hand in wanting to get the MOST for their user (read: bang for buck).
In real life I use SafeWallet, it is great for saving those numerous amount of passwords.
http://www.sbsh.net/apps/safewallet
Just not seeing the allure personally.
what a farce
Exactly what gWallet needs most of their free offers are adware downloads.
Yes, Leena only posts paid promos.
It has been proven once again.
privacy has nothing to do with the scamville controversy. being TRUSTe certified is not going to completely prevent these scams from showing up.
they should specifically target the relevant issues.. auto-rebilling and other techniques that aggressive marketers/advertisers use (which are always completely and straight-forwardly laid out the terms of service)
Another Leena Rao puff piece on gwallet? Seriously, all the gwallet pieces on TC are by her, and all puff PR. Would someone please check her association with this company – this is worse than the intern fiasco.