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VeriFone’s Payments Gateway And Square Competitor Reaches $10B In Yearly U.S. Transaction Volume

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VeriFone, which offers a Square competitor and mobile payments platform PAYware, is reporting that U.S. transaction volume for its payments gateway has achieved an annual rate exceeding $10 billion.

Keep in mind, this includes both its payments gateway, as well as VeriFone’s PAYware Mobile offering, which allows merchants to accept payments via a software-hardware combo from smartphones. VeriFone’s payment gateway services can be applied via mobile phones, consumer facing large retail checkouts, multi-media enabled pay at the pump solutions, interactive taxicab systems and tablets.

The company says that growth has been attributed to merchant adoption from both small businesses and large merchants.

Square says that it is currently processing $4 billion in transactions via its mobile payments app, but it’s not an apples to apples competitor because VeriFone’s numbers include payments made via online and at point of sale as well as mobile.

Last year, VeriFone announced the acquisition of European e-payments giant Point for $820 million and is planning to spend $1 billion a year to grow its payments network.