PAX Technology

PAX Technology is a Chinese manufacturer of payment terminals, PIN pads, and point of sale hardware and software.[2] The company is headquartered in Shenzhen, listed on the Hong Kong Stock Exchange and sells its products globally.

PAX Technology
TypePublic
SEHK: 327
IndustryFinancial services
Founded2000 (2000)
Headquarters
Shenzhen, Guangdong
,
China
Key people
Nie Guoming (Chairman), Jack Lu (CEO)
ProductsPoint of sale, Payment terminals, PIN pads
RevenueUS$563M[1]
Number of employees
1800 (2018)
Websitewww.pax.com.cn

History

PAX Technology was founded in Shenzhen (China) in 2000. Jack Lu and Tiger Nie are currently Group CEO and chairman of the Board respectively.

In 2002, PAX was selected as supplier of EFTPOS terminals for China UnionPay Merchant Services and supplier for Bank of China & Bank of Communications in 2004.[3] In 2010, PAX was listed on the Hong Kong Stock Exchange.[4]

In 2013, PAX was listed in Forbes Asia 200 Best Under A Billion Companies.[5] In 2016, PAX announced a strategic partnership with Samsung to implement the Samsung Pay payment method in PAX payment terminals.[6] Later same year, PAX unveiled its first Android smart terminal.[7]

As of October 2022, according to Nilson Report, PAX has become the second-largest global payment terminal provider.[8]

Cybersecurity concerns

In October 2021, Worldpay, Inc., a subsidiary of FIS, began removing PAX point of sale products due to cybersecurity concerns.[9]

Federal raid of U.S. offices

On October 26, 2021, it was reported that agents from the U.S. Federal Bureau of Investigation, Department of Homeland Security, and other federal officials raided the Jacksonville, Florida offices of PAX Technology.[10] KrebsOnSecurity reported the raid was tied to reports that PAX's systems may have been involved in cyberattacks on U.S. and E.U. organizations.[11][9] Following the raid, a senior executive in charge of PAX Technology's security resigned.[12]

See also
  • Point of sale companies

References
  1. "PAX 2018 Financial Results: 10 million terminals shipped worldwide & international sales surge 43%". Retrieved 7 March 2019.
  2. "Is PAX GLOBAL TECHNOLOGY LTD ORDINARY SHARE (OTCMKTS:PXGYF)'s Short Interest Revealing Something?". Thorold News. 27 December 2018.
  3. "PAX Technology reports China UnionPay Merchant Services deal". Finextra. 3 January 2017.
  4. "PAX Global - HKEX".
  5. "Forbes Asia's 200 Best Under a Billion 2013". 13 January 2014.
  6. "Samsung Pay Partners with Global POS Providers to Accelerate Mobile Payments Adoption". CIO. 22 April 2016.
  7. "PAX Impresses at TRUSTECH 2016 with Android Payment Solutions". Market Screener. 12 December 2016.
  8. "Card and Mobile Payment Industry News | Nilson Report Newsletter Archive". nilsonreport.com. Retrieved 16 June 2023.
  9. Gallagher, Ryan (27 October 2021). "FIS's Worldpay Replaces PAX Terminals Over Security Concerns". Bloomberg News. Retrieved 30 October 2021.
  10. "FBI Jacksonville, Homeland Security and other agencies investigating Southside business". WOKV-FM. 27 October 2021. Retrieved 27 October 2021.
  11. "FBI Raids Chinese Point-of-Sale Giant PAX Technology". Krebs on Security. Retrieved 27 October 2021.
  12. Turton, William (28 October 2021). "PAX Security Executive Resigns a Day After FBI Raids on Offices". Bloomberg News. Retrieved 30 October 2021.

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