Reportedly, JPMorgan Chase & Co (JPM) is buying a majority stake in Volkswagen AG’s payments platform, extending its services further into the auto industry, with a 75% share of Volkswagen Payments SA. The bank 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.
Launched in 2017, Volkswagen Payments has operations across 32 countries. It offers customers to use of digital payments for car purchases, parking, fuel, and other services. The business will continue to be based in Luxembourg and facilitate payments for Volkswagen’s brands globally. The financial terms of the deal were not disclosed. JPMorgan has auto financing partnerships with manufacturers including Jaguar Land Rover and Subaru.
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Please join us at Vista Partners, and receive our FREE email updates throughout the week and view our exclusive content and research.
