PAX Technology is a Chinese manufacturer of

payment terminal A payment terminal, also known as a point of sale (POS) terminal, credit card terminal, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electro ...

PIN pad A PIN pad or PIN entry device (PED) 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, a ...

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 (; ; ; ), also historically known as Sham Chun, is a major sub-provincial city and one of the special economic zones of China. The city is located on the east bank of the Pearl River estuary on the central coast of southern province ...

, 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. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repor ...

and sells its products globally.

History

PAX Technology was founded in

(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 (EFTPOS; ) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS t ...

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 scheme ...

Merchant Services and supplier for

Bank of China The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world. The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...

Bank of Communications Bank of Communications Limited (BoComm) (; often abbreviated as ), is the fifth-largest bank in mainland China. Established in 1908, the Bank of Communications claims a long history in China and is one of the banks to have issued banknotes in mo ...

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 owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

200 Best Under A Billion Companies. In 2016, PAX announced a strategic partnership with

Samsung The Samsung Group (or simply Samsung) ( ko, 삼성 ) is a South Korean multinational manufacturing conglomerate headquartered in Samsung Town, Seoul, South Korea. It comprises numerous affiliated businesses, most of them united under the ...

to implement the

Samsung Pay Samsung Pay (stylized as SΛMSUNG Pay) is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments usin ...

payment method in PAX

s. Later same year, PAX unveiled its first Android smart terminal.

Cybersecurity concerns

In October 2021,

Worldpay, Inc. Worldpay, Inc. was an American payment processing company and technology provider. In June 2019 it was acquired and merged into Fidelity National Information Services (FIS). Before its acquisition, it was headquartered in the greater Cincinnat ...

, a subsidiary of

FIS FIS or fis may refer to: Science and technology * '' Fis'', an ''E. Coli'' gene * Fis phenomenon, a phenomenon in linguistics * F♯ (musical note) * Flight information service, an air traffic control service * Frame Information Structure, a Se ...

, 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 and security service of the United States and its principal federal law enforcement agency. Operating under the jurisdiction of the United States Department of Justice, ...

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 or home ministries of other countries. Its stated missions involve anti-terr ...

, 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.

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

History

Cybersecurity concerns

Federal raid of U.S. offices

See also

References

External links