Pax Technology is a global supplier of data storage solutions for enterprises. It was founded in Shenzhen, China in 2000. In recent years, it has expanded its operations to many different locations around the world.e-circuitwork.com
Founded in Shenzhen, China in 2000
PAX is a Chinese based company that is an international provider of secure electronic payment terminals and PIN pads. The company is headquartered in Shenzhen, China and is listed on the Hong Kong Stock Exchange in December 2010.
PAX Technology is one of the three largest providers of terminals in the world, with more than 57 million terminals shipped to over 120 countries. In addition to the company's manufacturing and sale of terminals, it also provides software integration services.
Since its founding, Pax has been dedicated to providing innovative, secure payment solutions. This includes providing solutions for contactless card readers, PIN pads, and point of sale hardware. It has a reputation for high quality and cost-effective products.
In addition to manufacturing, Pax has extensive R&D and production capabilities. In fact, 50% of the company's staff are research and development engineers. Some of the company's innovative products include the Mobile S90 terminal, which offers Visa payWave contactless and GPRS communications.
PAX has partnered with several Chinese banks. They offer EMV and QR code E-payment terminals and smart electronic cash register solutions. The company has also established partnerships with Ukrainian banks and other international clients. A large number of distributors are working with the company.
PAX's technologies are also used to help companies control costs and provide data security. Security is important to PAX since they are the first to sell terminals that are EMV certified. Although rumors have surfaced that the company's systems have been tied to illicit data collection, it is still unclear whether the company is actually the culprit.
As an international, privately owned company, PAX has the flexibility to adapt to any market, and they have a track record for success in the Asian markets.
Main products
PAX technology is a Chinese manufacturer of point of sale hardware. It manufactures a wide array of products from high security PIN pads to contactless card readers. Pax technology was founded in Shenzhen, China in 2000. The company has more than 57 million terminals shipped to 120 countries. Listed on the Hong Kong Stock Exchange, PAX is a thriving organization that aims to deliver innovative payment solutions.
While the company is known for its PIN pads and contactless card readers, it also provides a suite of related technologies that help control operating costs. In particular, the company's technology features a common EMV kernel, which reduces compliance and integration headaches. Using a common kernel reduces cost and time to market.
Although the company hasn't revealed much in the way of numbers, it is estimated that it has shipped more than 57 million terminals to 120 nations. It is also one of the top three suppliers in the terminal space, along with Verifone and Worldline/Ingenico.
The company boasts a global footprint with offices in the US, China, France, Germany, Malaysia, South Korea, Russia, and the Philippines. In fact, the company was recently named the leading provider of POS devices in Latin America. In a recent press release, PAX credited its success to the burgeoning market for electronic payments and ecommerce. A recent survey found that more than 90% of consumers prefer to pay with a credit card at a store rather than cash.
Pax is the company that got there first. As the largest manufacturer of payment terminals in Asia, it has paved the way for other companies to follow. With a growing base of more than 50 million terminals in operation, PAX is a leading supplier of payment solutions.
Locations
The world's largest manufacturer of payment terminals and POS systems has an interesting aficionado in a near neighbour. PAX was a pioneer in the field, eclipsing competitors like Square, Paychex and First Data. In the ensuing decade, PAX has established itself as a global leader in the payments industry, delivering a unified solution for its customers across the globe. With an installed base of 60 million POS devices, the company is on a roll. Pax also boasts one of the largest and most reliable distribution networks in the world. One of the biggest challenges facing the company is the high cost of maintaining and updating these networks.
Security breaches
One of the largest payment terminal providers in the world, Pax Technology, was raided by the Federal Bureau of Investigation. The search was in response to suspected cyberattacks.
The FBI searched the company's headquarters in Florida and its warehouses. They also seized items from its offices. However, the investigation has not been resolved, and the FBI says it is still looking into the matter.
According to the FBI, the search was authorized by a court order. It was conducted in cooperation with the Customs and Border Protection division of the Department of Homeland Security, the Jacksonville Sheriff's Office, the Naval Criminal Investigative Services, and the Department of Commerce.
The search was based on reports of cyberattacks against US and EU organizations. However, there is no evidence that the attacks were perpetrated by Pax.
The search came after a major US payment processor contacted the FBI and inquired about suspicious network traffic from its terminals. The processor discovered that the terminals were being used as a repository of malicious files.
PAX Technology has delivered over 57 million terminals worldwide to 120 countries. A senior vice president of security and services at the company resigned after the raid. Despite the raid, the company has not disclosed any charges against it.
As a result of the investigation, major financial providers have pulled their PAX terminals from their infrastructures. In turn, the company has begun issuing software updates to address vulnerabilities found in their products.
Whether or not Pax has been involved in any illegal conduct, the incident should raise concerns for merchants and retailers. Payment fraud costs the entire financial industry billions of dollars each year.
While a major financial provider has already pulled their PAX terminals from their infrastructures, other terminal vendors could also feel the repercussions.
UK security service MI5 involved in investigation
PAX Technology is a Chinese company that manufactures point-of-sale terminals. It's been reported that its machines have been used as malware "droppers" for malicious files and command-and-control points.
The FBI claims it has searched three locations in Jacksonville, Florida in connection with an investigation into the company. However, it has not revealed the specifics of the search.
The FBI said it partnered with the Department of Commerce, Customs and Border Protection and Homeland Security Investigations, but did not say whether it had conducted a "court-approved" search. In any event, the FBI did not say if they had seized any evidence.
In the United States, a major payment processor contacted the FBI about unusual network packets coming from a PAX terminal. Although the data wasn't in a format that could be considered software updates, it was suspicious enough to raise eyebrows.
While the FBI's statement on the subject did not address whether it had seized any evidence, it did say it was investigating a possible compromise of the nation's critical infrastructure. Specifically, it is looking into whether or not PAX's computers were compromised.
MI5 has received warnings about the potential for corrupted information to be transmitted through the PAX system. A spokesperson for Pax UK, however, said that the company was unaware of any wrongdoing and that it is awaiting legal advice.
There's no mention of the investigation on the company's website. However, the CEO of PAX Technology has declined to comment on the matter.
The security service is one of the most important intelligence agencies in the UK. It works with other government departments to protect against espionage and terrorism. They also counter the proliferation of weapons of mass destruction and the spread of organised crime.