PAX Expands Russian Presence with Sberbank Partnership
Electronic payments company PAX Technology has become the main supplier of point of sale terminals for Russia's Sberbank.
In a Nov. 9 press release, PAX framed the news as an opportunity to expand its presence and dip its toes in the Russian payments business.
"The alliance with Sberbank will allow both companies to exploit new revenue opportunities in the growing Russian market, and we will continue to invest in the local market in delivering a faster, more convenient and increasingly reliable set of services to consumers," Jack Lu, CEO of PAX, said in the release.
Among the models Sberbank selected are the S80 countertop, D210 mobile terminal and the integrated retails PinpadS200 and S300.
Much of Russia still uses cash as the primary method of transacting money, but in a country with a population of 143 million and more than 150 million debit cards in circulation it is looking to develop its card market.