JPMorgan Chase is buying a majority stake in Volkswagen AG’s payments platform, extending its services further into the auto industry.
The US bank said it will acquire close to 75% of Volkswagen Payments SA in a statement Wednesday. It plans to work with the car manufacturer to develop the platform for new markets that could use internet-connected vehicles as a way to pay.
Volkswagen Payments was launched in 2017 and operates in 32 countries. It offers customers the option to use digital payments for car purchases, fuel, parking and other services. The business will continue to be based in Luxembourg and facilitate payments for Volkswagen’s brands globally.
“Auto payments encapsulate many of the characteristics of the wallet of the future,” said Max Neukirchen, global head of merchant services at JPMorgan.
Read Also
- Mayotte: Emmanuel Macron promises “a security response as soon as possible” Nov 24, 2022
- Nice: A woman dies in the fire of her apartment, 25 people relocated Nov 25, 2022
- The Nicaraguan parliament ordered the closure of the Academy of Language and 82 other civil organizations May 31, 2022
- Men and women, Sabrina Ghio unleashes: maybe she will have to reopen? Jul 9, 2021
- More than 15,000 fourth grade students take the Simce test in the La Araucanía region Nov 16, 2022
- Lyon: Despite people’s stares, Anas resumed “a normal life” three years after his self-immolation Nov 21, 2022
- The long-awaited agreement that Gerard Piqué and Shakira achieved after media breakup Nov 8, 2022
The bank did not disclose financial terms for the deal, which is expected to close in the first half of 2022. JPMorgan has auto financing partnerships with manufacturers including Jaguar Land Rover and Subaru.
appId : ‘1203048096448894’,