JPMorgan: acquisition of VW's payment platform

(CercleFinance.com) - J.
P. Morgan announced on Wednesday that it will take a 75% majority stake in Volkswagen group's payment services platform.

In a statement, the US banking group explains that it intends to develop the platform by opening it to new markets, mainly in the field of mobility.

Created in Luxembourg in 2017, the Volkswagen Payments platform - now present in 32 countries - supports digital payments related to Volkswagen vehicle purchases, as well as long-term leasing.

The solution can also be used to pay for electric vehicle recharging, parking, car insurance and in-car entertainment.

The acquisition comes as the in-car payments market is expected to be worth four billion dollars this year.



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