PAX Technology is a Chinese manufacturer of
payment terminal
A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payme ...
s,
PIN pad
A PIN pad or PIN entry device is an electronic device used in a debit, credit or smart card-based transaction to accept and encrypt the cardholder's personal identification number (PIN).
PIN pads are normally used with payment terminals, autom ...
s, and
point of sale
The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...
hardware and software. The company is headquartered in
Shenzhen
Shenzhen is a prefecture-level city in the province of Guangdong, China. A Special economic zones of China, special economic zone, it is located on the east bank of the Pearl River (China), Pearl River estuary on the central coast of Guangdong ...
, listed on the
Hong Kong Stock Exchange
The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...
and sells its products globally.
History
PAX Technology was founded in
Shenzhen
Shenzhen is a prefecture-level city in the province of Guangdong, China. A Special economic zones of China, special economic zone, it is located on the east bank of the Pearl River (China), Pearl River estuary on the central coast of Guangdong ...
(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
Electronic funds transfer at point of sale, abbreviated as EFTPOS (), is a type of payment transaction in which electronic funds transfers (EFT) are processed at a point of sale (POS) system or payment terminal usually via payment methods such as ...
terminals for China
UnionPay
UnionPay (), also known as China UnionPay () or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card sch ...
Merchant Services and supplier for
Bank of China
The Bank of China (BOC; ; Portuguese language, Portuguese: ''Banco da China'') is a state-owned Chinese Multinational corporation, multinational banking and financial services corporation headquartered in Beijing, Beijing, China. It is one of ...
&
Bank of Communications
Bank of Communications (BOCOM or BankComm) is a Chinese multinational banking and financial services corporation. It was originally established in 1908 and was one of a handful of domestic Chinese banks that issued banknotes in modern history. ...
in 2004. In 2010, PAX was listed on the Hong Kong Stock Exchange.
In 2013, PAX was listed in
Forbes Asia
''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The c ...
200 Best Under A Billion Companies. In 2016, PAX announced a strategic partnership with
Samsung
Samsung Group (; stylised as SΛMSUNG) is a South Korean Multinational corporation, multinational manufacturing Conglomerate (company), conglomerate headquartered in the Samsung Town office complex in Seoul. The group consists of numerous a ...
to implement the
Samsung Pay
Samsung Pay (stylized as SΛMSUNG Pay) is a mobile payment and digital wallet service, operated by the South Korean company Samsung Electronics. It lets users make payments using compatible smartphones and other Samsung-produced devices, accesse ...
payment method in PAX
payment terminal
A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payme ...
s. Later same year, PAX unveiled its first
Android smart terminal.
, according to Nilson Report, PAX has become the second-largest global payment terminal provider.
Cybersecurity concerns
In October 2021,
Worldpay, Inc., a subsidiary of
FIS, began removing PAX point of sale products due to cybersecurity concerns.
Federal raid of U.S. offices
On October 26, 2021, it was reported that agents from the U.S.
Federal Bureau of Investigation
The Federal Bureau of Investigation (FBI) is the domestic Intelligence agency, intelligence and Security agency, security service of the United States and Federal law enforcement in the United States, its principal federal law enforcement ag ...
,
Department of Homeland Security
The United States Department of Homeland Security (DHS) is the U.S. federal executive department responsible for public security, roughly comparable to the interior, home, or public security ministries in other countries. Its missions invol ...
, and other federal officials raided the Jacksonville, Florida offices of PAX Technology.
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.
Following the raid, a senior executive in charge of PAX Technology's security resigned.
See also
*
Point of sale companies
A point is a small dot or the sharp tip of something. Point or points may refer to:
Mathematics
* Point (geometry), an entity that has a location in space or on a plane, but has no extent; more generally, an element of some abstract topologica ...
References
External links
*
{{Use dmy dates, date=October 2018
Technology companies of China
Retail point of sale systems
Point of sale companies
Companies based in Jacksonville, Florida