VeriFone Systems, Inc. (NYSE: PAY), today announced that U.S. transaction volume through its PAYware Connect gateway has achieved an annual rate exceeding $10 billion, a first for the mobile payments industry.
Growth in mobile payments and increasing retailer demand for cloud-based payment services is spurring increased opportunities for VeriFone's hosted payment solution, which minimize the complexities of payment acceptance and reduces the scope of PCI compliance.
PAYware Connect's rapid U.S. growth reflects VeriFone's wide range of offerings to merchants of all sizes. Small merchants are selecting PAYware Mobile solutions for use with smartphones and tablets in their businesses. Larger merchants are selecting PAYware for in-the-aisle checkout and for solutions that are integrated with other retail systems.
"The $10 billion milestone is an industry first, and clearly sets VeriFone well ahead of the competition," declared VeriFone CEO Douglas Bergeron. "We expect continued great momentum in this exciting range of payment service offerings."
VeriFone's PAYware Connect gateway delivers cloud-based, PCI-compliant payment services and advanced capabilities such as VeriShield Total Protect end-to-end encryption security. The gateway service consolidates all types of payments processing and provides extensive reporting and analytics.
VeriFone provides payment gateway services for virtually any environment, including traditional countertop and mobile card acceptance devices, consumer facing large retail checkouts, multi-media enabled pay at the pump solutions, interactive taxicab systems and new smartphone and tablet-based solutions.