VeriFone is the First to $10 Billion in Mobile Payments

SAN JOSE, Calif. -- U.S. transaction volume through VeriFone Systems Inc.'s PAYware Connect gateway has achieved an annual rate exceeding $10 billion, a first for the mobile payments industry, the company announced.

VeriFone cited increased mobile payments and retailer demand for cloud-based payment services for rising transaction volume.

PAYware Connect is designed to deliver cloud-based, PCI-compliant payment services, while consolidating several forms of payments processing, reporting and analytics.

"The $10 billion milestone is an industry first, and clearly sets VeriFone well ahead of the competition," said VeriFone CEO Douglas Bergeron. "We expect continued great momentum in this exciting range of payment service offerings."

San Jose, Calif.-based VeriFone provides payment gateway services for several environments, including retail checkouts and gas pumps.