17 May Middle East Acquiring Banks Benefit from New PAX Strategy
Dubai, UAE, May 17, 2010 – PAX Technology Ltd. today announced their long-term commitment to becoming a major provider of point-of-sale (POS) terminal hardware and software to Middle East based Acquirers & Processors.
Thomas Xu, VP International at PAX, commented: “We chose to implement a deliberate 2-stage strategy in the Gulf region as Banks here were less familiar with the PAX brand than in other global regions where we operate. So during the course of 2008/09 PAX successfully deployed many tens of thousands of POS terminals in Saudi Arabia, mainly in the vertical mobile to pup market. PAX are now providing acquiring banks and their merchants with high quality yet lower cost POS solutions”.
Ranked by the Nilson Report last year as the world’s fastest growing POS company, PAX are a pure-play Asian manufacturer headquartered in China’s silicon valley city of Shenzen, not far from Hong Kong. As the undisputed market leader in China, the world’s largest banking market, PAX expanded its reach across South East Asia, into the USA and Latin America and now the Europe Middle East Africa region.
PAX’s complete range of PCI PED compliant devices suitable for Middle East merchants was on show during Cards Middle East, including the flagship POS terminals S80 desktop, S90 portable and SP30 multilane PINpad, as well as a suite of other terminals suited to non-banking vertical markets.
A key element of PAX’s game-changing strategy in the Middle East is that of offering select acquirers & processors the choice to benefit economically and strategically by contracting directly with PAX for the sourcing of POS terminal hardware and software, as is increasingly common in other parts of the world.
Mark O’Flynn, who is setting up and managing PAX’s channel partner and customer network in the MEA region, commented: “To date banks in this region have had no choice but to rely completely on local distributors of POS products. This new strategy means that some of the leading acquirers and processors will choose to save many millions of dollars by dealing directly with the POS manufacturer and, most importantly, will choose to retain control and IP rights over the EMV software application source code”.
About PAX (www.pax-emea.com)
PAX Technology is a global leader in the provision of secure electronic payment systems and Point-of-Sale (POS) software. PAX was founded in 2000 and is one of the fastest growing POS suppliers globally. The company’s goal is to provide superior product quality and the highest levels of professional service and support to clients.