March 27, 2012

VeriFone U.S. payment gateway volume hits $10 billion

SAN JOSE, CA--VeriFone Systems, Inc.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.

Minister Flaherty said the report’s findings regarding mobile payments will help inform the Government to ensure the payments framework meets the evolving needs of Canadian consumers and businesses. Department of Finance officials will review, in close consultation with stakeholders, the application of the Code of Conduct for the Credit and Debit Card Industry in Canada to emerging mobile payment products so that the Code’s principles of transparency, fairness and competition will also guide the evolution of mobile payments in Canada.

The Government will also review the governance framework for the payments sector, including the Canadian Payments Association, to ensure the continued safety and soundness of the payments system, spur innovation and promote the consideration of user interests.

Announced in Budget 2010, the Task Force was asked to review the safety, soundness and efficiency of the payments system; whether there is sufficient innovation in the system; the competitive landscape; whether businesses and consumers are being well served; and whether the existing payments system oversight mechanisms remain appropriate.

The seven Task Force members were drawn from business and financial sectors, and were led by Patricia Meredith, Professional Associate and Senior Adviser to financial services and technology companies with the strategy consulting firm Monitor Group.



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