VeriFone claims to process more transactions than Square

$10bn milestone an industry first

VeriFone claims that its PAYware Connect payment solution is used in $10bn of annual transactions, citing 2011 data, more than double the $4bn that rival Square claims to process. VeriFone CEO Douglas Begeron says “The $10 billion milestone is an industry first.” However, the firm does not break down which transactions relate to PAYware Mobile, VeriFone’s iPhone-based solution for credit card processing, and which relate to the suite of PAYware web apps. Still, VeriFone says that more than half of the merchants that use PAYwave are “mobile merchants.”

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