PAX Technology

Performance indicators

2017

The average annual growth in sales of the company's terminals reached 25%, and the company's total revenue in 2017 amounted to 458 million. dollars For the first time  in the history of the company, the number of deliveries POS terminals of one of the international regions - Latin America - exceeded the volume of deliveries to the domestic market. China 2.577 million units of equipment against 2.350 million.

In recent years, PAX's share of international sales has been steadily growing. In 2017, it already accounts for 72% of the company's total income. Key markets are Brazil, Russia, Iran, Eastern Europe and East Africa.

Significant growth in sales is also observed in Europe. In 2017, more than 320 thousand pieces of equipment were delivered. Doubled growth was recorded in countries such as Germany and Bulgaria, steady growth in Italy, the first steps were taken in France.

The head of the representative office in Russia and the CIS countries PAX  Global  Technology said in September 2018 that  the end customers have great interest in Android-based solutions. Among the main advantages of this platform is openness and familiar interface. For OS Android, there are many applications that can supplement the payment functions of POS terminals. These applications can be easily integrated and will increase the value of POS terminals for merchants.

History

2021: FBI raids PAX Technology after cyber attacks in US and EU

At the end of October 2021, the FBI raided the office of the Chinese manufacturer of PAX Technology POS terminals in the case of cyber attacks in the United States and the EU. Two major financial companies from the United States and the United Kingdom have already begun to seize PAX terminals from their payment infrastructure.

PAX Technology is one of the world's largest payment terminal manufacturers and a leading provider of trading solutions and services. Meanwhile, the company issued a statement stating that it does not know anything, about any illegal actions by the company or its employees, and that it takes security issues very seriously. The official distributor and exclusive partner of PAX Technology in Russia is INPAS, a developer and supplier of payment solutions.

The FBI raided the office of the Chinese manufacturer of POS terminals after cyber attacks by companies in the United States and the EU

On October 25, 2021, the FBI raided a PAX Technology warehouse in Jacksonville, performing a court-sanctioned search as part of an investigation. According to blogger Brian Krebs, the raid is related to fears that PAX Technology devices could be involved in cyber attacks on companies in the United States, as well as the European Union (EU). Citing sources, Krebs reports that the FBI began an investigation after an unnamed American payment processor raised the issue of unusual network packets originating from PAX Technology terminals. Terminals were apparently used as droppers of malicious software (software) and control centers for conducting attacks. According to investigators, the searches were carried out on the basis of a court warrant as part of a federal investigation conducted by the Ministry of Homeland Security with the participation of the Customs and Border Protection Directorate and the Naval Criminal Investigation Service.

Bloomberg reported that FIS-owned Worldpay began replacing PAX Technology terminals with devices from Verifone and Ingenico after PAX Technology was unable to provide satisfactory answers regarding the connection of its POS devices to websites not specified in the attached documentation. A FIS spokesman said there is no evidence that data passing through terminal devices has been compromised, but the company replaces PAX Technology, which is used by less than 5% of its customers. Krebs's interlocutor did not provide details about the unusual network activity that led to the FBI investigation.^[1]

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