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.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: customers’ acceptance and adoption of VeriFone’s managed service offerings and other new product and service offerings, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.