PAX Technology

{{Short description|Chinese manufacturer of point of sale hardware and software}}

{{Infobox company

| name = PAX Technology Inc.

| logo = PAX_Technology_Inc_logo.png

| logo_size = 200px

| type = Public

| traded_as = {{SEHK|00327}}

| industry = Financial services

| foundation = {{Start date and age|2000}}

| location_city = Shenzhen, Guangdong

| location_country = China

| key_people = Nie Guoming (Chairman), Jack Lu (CEO)

| products = Point of sale, Payment terminals, PIN pads

| revenue = US$563M{{cite web |url=https://www.paxtechnology.com/blog/pax-2018-financial-results-10-million-terminals-shipped-worldwide |title=PAX 2018 Financial Results: 10 million terminals shipped worldwide & international sales surge 43% |access-date=March 7, 2019 |archive-date=21 September 2020 |archive-url=https://web.archive.org/web/20200921132803/https://www.paxtechnology.com/blog/pax-2018-financial-results-10-million-terminals-shipped-worldwide |url-status=dead }}

| operating_income =

| net_income =

| num_employees = 1800

| num_employees_year = 2018

| homepage = {{Official URL}}

}}

PAX Technology is a Chinese manufacturer of payment terminals, PIN pads, and point of sale hardware and software.{{cite news |url=https://whatsonthorold.com/2018/12/27/after-reaching-milestone-is-pax-global-technology-ltd-ordinary-share-otcmktspxgyfs-short-interest-revealing-something-2/ |archive-url=https://web.archive.org/web/20190102193449/https://whatsonthorold.com/2018/12/27/after-reaching-milestone-is-pax-global-technology-ltd-ordinary-share-otcmktspxgyfs-short-interest-revealing-something-2/ |url-status=usurped |archive-date=2 January 2019 |title=Is PAX GLOBAL TECHNOLOGY LTD ORDINARY SHARE (OTCMKTS:PXGYF)'s Short Interest Revealing Something? |date=December 27, 2018 |publisher=Thorold News}} The company is headquartered in Shenzhen, listed on the Hong Kong Stock Exchange and sells its products globally.

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.{{citation needed|date=November 2022}}

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.{{Cite news|url=https://www.finextra.com/pressarticle/67537/pax-technology-reports-china-unionpay-merchant-services-deal|title=PAX Technology reports China UnionPay Merchant Services deal|work=Finextra |date=3 January 2017|language=en}} In 2010, PAX was listed on the Hong Kong Stock Exchange.{{Cite web |title=PAX Global - HKEX |url=https://www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote?sym=327&sc_lang=en}}

In 2013, PAX was listed in Forbes Asia 200 Best Under A Billion Companies.{{Cite web |date=13 January 2014 |title=Forbes Asia's 200 Best Under a Billion 2013 |url=https://1-million-dollar-blog.com/forbes-asias-200-best-billion-2013/ |access-date=7 June 2022 |archive-date=1 March 2021 |archive-url=https://web.archive.org/web/20210301154218/https://1-million-dollar-blog.com/forbes-asias-200-best-billion-2013/ |url-status=live }} In 2016, PAX announced a strategic partnership with Samsung to implement the Samsung Pay payment method in PAX payment terminals.{{Cite news|url=https://www.cio.co.ke/samsung-pay-partners-with-global-pos-providers-to-accelerate-mobile-payments-adoption-2/|title=Samsung Pay Partners with Global POS Providers to Accelerate Mobile Payments Adoption|work=CIO|date=22 April 2016|language=en}} Later same year, PAX unveiled its first Android smart terminal.{{Cite news|url=https://www.marketscreener.com/PAX-GLOBAL-TECHNOLOGY-LTD-7021116/news/Pax-Global-Technology-Impresses-at-TRUSTECH-2016-with-Android-Payment-Solutions-23491336/|title=PAX Impresses at TRUSTECH 2016 with Android Payment Solutions|work=Market Screener|date=12 December 2016|language=en|access-date=27 October 2018|archive-date=28 October 2018|archive-url=https://web.archive.org/web/20181028034610/https://www.marketscreener.com/PAX-GLOBAL-TECHNOLOGY-LTD-7021116/news/Pax-Global-Technology-Impresses-at-TRUSTECH-2016-with-Android-Payment-Solutions-23491336/|url-status=live}}

{{As of|2022|10}}, according to Nilson Report, PAX has become the second-largest global payment terminal provider.{{Cite web |title=Card and Mobile Payment Industry News {{!}} Nilson Report Newsletter Archive |url=https://nilsonreport.com/publication_newsletter_archive_issue.php?issue=1228 |access-date=2023-06-16 |website=nilsonreport.com}}

= Cybersecurity concerns =

In October 2021, Worldpay, Inc., a subsidiary of FIS, began removing PAX point of sale products due to cybersecurity concerns.{{Cite news|last=Gallagher|first=Ryan|date=October 27, 2021|title=FIS's Worldpay Replaces PAX Terminals Over Security Concerns|work=Bloomberg News|url=https://www.bloomberg.com/news/articles/2021-10-27/fis-s-worldpay-replacing-pax-terminals-over-security-concerns|access-date=October 30, 2021}}

= 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.{{Cite web|date=2021-10-27|title=FBI Jacksonville, Homeland Security and other agencies investigating Southside business|url=https://www.wokv.com/news/local/fbi-jacksonville-homeland-security-agents-investigating-outside-southside-business/BVFSPMUVUJHWRJTX56PSQDXAZ4/|access-date=2021-10-27|website=WOKV-FM|language=en}} 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.{{Cite web|title=FBI Raids Chinese Point-of-Sale Giant PAX Technology|url=https://krebsonsecurity.com/2021/10/fbi-raids-chinese-point-of-sale-giant-pax-technology/|access-date=2021-10-27|website=Krebs on Security|language=en-US}} Following the raid, a senior executive in charge of PAX Technology's security resigned.{{Cite news|last=Turton|first=William|date=October 28, 2021|title=PAX Security Executive Resigns a Day After FBI Raids on Offices|work=Bloomberg News|url=https://www.bloomberg.com/news/articles/2021-10-28/pax-security-executive-resigns-a-day-after-fbi-raids-on-offices|access-date=October 30, 2021}}

See also

References

{{reflist}}