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Platform VW Payments: JPMorgan takes over Volkswagen’s car payment systems

The major US bank JPMorgan takes over the car payment systems of the Volkswagen Group. According to the contract, the Americans will take over almost 75 percent of the Volkswagen Payments platform, as they announced in London on Wednesday. With the acquisition, JPMorgan wants to supplement its own payment systems and open up the offer to a larger part of the auto industry. A spokesman for the VW subsidiary Volkswagen Financial Services (VWFS), to which the payment platform previously belongs, confirmed the deal.

Volkswagen Payments, based in Strassen in Luxembourg, operates payment systems for everything to do with cars. According to the company, the focus is on systems for paying for parking tickets, car sharing, electricity, fuel and tolls, most of which run in the background. In addition, there is fast payment for services and additional functions that can be activated in new vehicles from the VW Group.

VWFS retains a minority stake in the company founded in 2017. Neither side provided any information about the purchase price. (dpa / swi)

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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