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.
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