PAX Technology

PAX Technology is a Chinese manufacturer of payment terminals, PIN pads, and point of sale hardware and software.[2][3] The company is headquartered in Shenzhen, listed on the Hong Kong Stock Exchange (code 00327) and operates globally. PAX has around 60 million point of sale payment terminals deployed in over 120 countries and generated circa $727 million USD in sales revenues in 2020.

PAX Technology
TypePublic
SEHK: 327
IndustryFinancial services
Founded2001 (2001)
Headquarters
Shenzhen, Guangdong
,
China
Key people
Nie Guoming (Chairman), Jack Lu (CEO)
ProductsPoint of sale, Payment terminals, PIN pads
Revenue$563M USD[1]
Number of employees
1800 (2018)
Websitewww.paxtechnology.com

History

PAX Technology was founded in Shenzhen (China) in 2001 by Jack Lu (currently CEO of the group) and Tiger Nie (currently Chairman of the Board). In the same year company was EMV certified as point of sale solution provider in Asia.

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.[4] In 2010, PAX was listed on the Hong Kong Stock Exchange.

In 2016, PAX announced a strategic partnership with Samsung to implement the Samsung Pay payment method in PAX payment terminals.[5] Later same year, PAX unveiled its first Android smart terminal.[6] In 2018, the PAXSTORE platform was launched - an open-platform for distribution of business apps for company's Android POS terminals.[7]

Cybersecurity concerns and federal raid of U.S. offices

In October 2021, Worldpay, Inc., a subsidiary of FIS, began removing PAX point of sale products due to cybersecurity concerns.[8]

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.[9] 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.[10][8] Following the raid, a senior executive in charge of PAX Technology's security resigned.[11]

See also

References
  1. "PAX 2018 Financial Results: 10 million terminals shipped worldwide & international sales surge 43%". Retrieved 7 March 2019.
  2. "Pax's CFO Just Made A Grievous Error". Seeking Alpha. 12 August 2016.
  3. "Is PAX GLOBAL TECHNOLOGY LTD ORDINARY SHARE (OTCMKTS:PXGYF)'s Short Interest Revealing Something?". Thorold News. 27 December 2018.
  4. "PAX Technology reports China UnionPay Merchant Services deal". Finextra. 3 January 2017.
  5. "Samsung Pay Partners with Global POS Providers to Accelerate Mobile Payments Adoption". CIO. 22 April 2016.
  6. "PAX Impresses at TRUSTECH 2016 with Android Payment Solutions". Market Screener. 12 December 2016.
  7. 百富「軟硬」兼施 鋪路數據管理. on.cc (in Chinese (Hong Kong)). 14 August 2017.
  8. Gallagher, Ryan (27 October 2021). "FIS's Worldpay Replaces PAX Terminals Over Security Concerns". Bloomberg News. Retrieved 30 October 2021.
  9. "FBI Jacksonville, Homeland Security and other agencies investigating Southside business". WOKV-FM. 27 October 2021. Retrieved 27 October 2021.{{cite web}}: CS1 maint: url-status (link)
  10. "FBI Raids Chinese Point-of-Sale Giant PAX Technology". Krebs on Security. Retrieved 27 October 2021.{{cite web}}: CS1 maint: url-status (link)
  11. 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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