[aberman]

Founder of WePay, here.

Quick clarification: We're actually not really working on solving the problem of helping people "send" money. Our primary focus is making it dead simple for anybody to get-up and running, collecting/accepting payments online.

We think that collecting money is a bigger pain point and a larger market.

"Sending" money falls into two categories: P2P transfers and remittances. Remittance is a pretty large market, with old (Western Union) and new (Xoom) players alike. It's not very exciting to us, and it's a difficult business to break into.

P2P is a little sexier, but the pain point is not as high, people are incredibly sensitive to cost, and it's a problem that will be "absorbed" by the bigger companies (Amex/VISA now have solutions, PayPal offers it for free, your bank will offer it soon). It's more of a feature than a real business. I actually think Venmo has an awesome product and does a great job solving this problem, but I'm guessing that it'll be hard for them to build a big business on that alone.

[mrkmcknz]

Would I be right in thinking Stripe is your biggest competitor?

{Closest to your business model as opposed to WU or Xoom and even PayPal}

[billclerico]

Bill from WePay here...

We love the guys at Stripe, they have an awesome product. They provide a super simple gateway for developers. WePay provides super simple tools for anyone (mostly non-developers) to accept payments.

We LOVE to see innovation in user experience disrupting the payments industry from the likes of Square in mobile POS, Stripe for developers, BankSimple for checking accounts and WePay for SMBs & non-profits.

I should mention that we offer an API, but it's mostly for folks that want to allow their users to accept payment via their site (i.e. for marketplaces, fundraising tools, or event planning) - it's not really for recurring billing or merchant processing like Stripe. For more information, see wepay.com/developer