WePay tries to keep PayPal on its toes

In the current environment of social payment services and the explosion of alternative payment methods both online and in-store, the largely unknown PayPal rival WePay thins now is the time for it to stand up and show that a monopoly in the online money-sharing market doesn't make sense anymore. And its investors agree. The company just announced that it has received $10 million in new funding

WePay's differentiating niche is mainly to appeal to online sellers who may not be as sophisticated. It aimed to take away the red tape by not requiring users to provide bank account or credit card information, and literally making collecting money as easy as sending an email to someone else, whether or not they had a WePay account. It also joined the fray earlier this year when every alternative payment processor was making big changes to their platforms.

In February, it added the ability for merchants to invoice customers with the click of a button.

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