As the Point-of-Sale (POS) industry transitions from cash to electronic payments, Point-of-Sale devices have bridged software and hardware capabilities to improve the customer journey by simplifying the modes of payment to merchants offering a service. The shift to electronic payments has presented unique opportunities to technology pioneers worldwide to provide an innovative service that can help ease this transition. PAX Global, a company that has championed this pioneering service, has risen to the occasion to offer the world its state-of-the-art POS solutions by combining its software and hardware expertise. With the onset of the COVID-19 pandemic and the growing dependence on electronic payments, PAX Global has leveraged its global presence to become industry leaders while building a world-class and creative team to push its product supremacy further and establish the company as a global powerhouse.

“I believe the future of the POS industry is Android,” begins Ethan Cheung, CFO of PAX Global Technology, headquartered in Hong Kong. “Android solutions, along with the PAX Global infrastructure, will help customers and merchants reach new heights,” he adds. Furthermore, Android, as an open-platform operating system, offers the much-needed versatility to bring together different kinds of payment methods such as Apple Pay, Samsung Pay, and Ali Pay under one umbrella, making PAX Global’s Android solutions a pioneering service. Speaking about their ascension, Cheung says, “In the year 2014-15, no one believed in Android, and people just said that you have put a large amount of research and development money into the sea.

I believe the future of the POS industry is Android

I’m very proud to tell you that today, we are number one in the Android POS industry. And, this was possible only because we were focused and persistent.”

While COVID-19’s repercussions have restructured the industry and is expected to leave long-lasting changes to the way business is conducted, PAX Global has fueled the transition from traditional cash-based business transactions to much-more versatile electronic payments. This development further proves beneficial in the current contact-free world, in line with the ongoing health practices and lockdown restrictions. According to a report by Grand View Research Inc, the global POS terminal market size is forecasted to reach USD 125.9 billion by the year 2027, with the Asia-Pacific market expected to expand the fastest. Cheung elucidates that, in his preview, consumer behaviours are switching towards cashless payments as people enjoy the convenience in terms of hygiene and ease of payment that electronic modes offer, especially during the pandemic. Interestingly, with the lockdown restrictions placed in Europe, many restaurants had to either shut down or offer takeaway services to continue operating. One of PAX Global’s clients in Europe found themselves entangled in this situation and were looking for an immediate solution to introduce takeaway services and continue doing business. As existing clients, PAX Global stepped in and offered its PAXStore platform to develop a takeaway solution. Within weeks, the service was up and running, giving clients the competitive edge to continue doing business online during the lockdown.

Heading into the future, PAX Global believes that, to help lower costs and increase efficiency, the most crucial step is to integrate its services with the Internet-of-Things (IoT) as it would help reduce human error. Additionally, by enhancing the protocols surrounding security and fraud prevention, the company aims to create and provide a safer and more secure way of conducting business, further bolstering its foothold in the POS industry.