JP Morgan announced it would purchase a majority stake in Volkswagen’s payments business. The payments arm was established in 2017 as a platform allowing customers to buy and lease cars, pay for parking tickets, and feed charging meters. Long-term, the two companies plan to further develop Volkwagen’s platform to cover industries outside the automotive sector. The terms of the deal were not disclosed.
Source: JPMorgan to buy majority stake in Volkswagen’s payments business